SANTA ROSA -- San Jose-based Oclaro, Inc. (Nasdaq: OCLR), a developer of fiber-optic communication and laser systems, today said it completed the asset sale of its Santa Rosa thin-film filter business, started as Cierra Photonics, as part of a $27 million cash deal that involved a second product line.

The 30-employee Santa Rosa group was sold to Photop Technologies, Inc., a wholly-owned subsidiary of II-VI Incorporated (Nasdaq: IIVI), which makes engineered materials and opto-electronic components. [See "Santa Rosa telecom group part of $27m sale," Nov. 26.]

As part of the agreement, announced Nov. 26, Oclaro also sold its interleaver product line to FuZhou, China-based II-VI subsidiary Photop Koncent, Inc., a wholly owned subsidiary of II-VI.

The transactions were completed Dec. 3 with the first cash payment of $23 million. The agreement calls for $3 million more paid by Dec. 28 and the final $1 million by year-end.