July 3, 2003 — BEI Technologies Inc. of San Francisco and OpticNet Inc. of Hayward, Calif. announced an acquisition agreement.
Both companies’ boards approved the transaction. OpticNet was spun out of BEI in October 2000 to focus on MEMS. Reincorporation into BEI was the best opportunity for the company given continued weakness in the optical networking industry, according to a news release. BEI intends to take advantage of OpticNet capabilities in its motion sensor business and in telecom when the market recovers.