Pirelli gets 12% stake in Alcatel-Lucent supplier

Avanex reported that tire and energy cable maker Pirelli Group has bought a 12.4% in the fiber optics component maker from Alcatel-Lucent, an Associated Press report said.

The Associated Press report also quoted Avanex as saying that telecommunications company Alcatel-Lucent has extended its supply agreement with Avanex for another three years.

Avenex did not disclose financial terms of either deal.

The report quoted Claudio De Conto, operations general manager at Pirelli, as saying that the share purchase would strengthen Pirelli's presence in photonics, the technology used to harness light to carry information.