Producer
Viavi Solutions (EAS / Trilithic)
2
Inputs supplied
1
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0
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1
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Network and Service Enablement (NSE)
55%Optical Security and Performance Products (OSP)
17%Optical Products (OP)
24%
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Did you know2023
VIAVI Solutions — known in telecommunications as a fiber optic test equipment company and (via Trilithic) as an Emergency Alert System hardware maker — also manufactures the optically variable pigments (OVP) that create the color-shifting security features protecting approximately 90 world currencies from counterfeiting. The color-shifting numeral on the US $100 bill, the color-shifting marks on euro banknotes, and equivalent security features on currencies from the British pound to the Canadian dollar all use thin-film interference pigments manufactured using the same vacuum deposition technology that VIAVI applies to optical coatings for telecommunications networks. A disruption to VIAVI's OSP manufacturing in San Jose, California would simultaneously affect telecom optical component supply AND the security feature supply chain for a majority of the world's paper currency.
VIAVI Solutions Inc. ↗Origin2024
VIAVI Solutions was created from the wreckage of the dot-com era. JDS Uniphase (JDSU) — the company that became VIAVI — was at its peak in 2000 the most highly valued company in Canadian history (~$180B market cap) as the world's dominant fiber optic component maker. The 2001 dot-com collapse destroyed 97% of JDSU's market value. The company survived through two decades of restructuring, eventually splitting into VIAVI Solutions (network test, OSP, optical products) and Lumentum (active optical components for datacom/telecom). The OSP currency security business — a quiet, durable revenue stream that had little to do with the fiber optic boom — was instrumental in VIAVI's survival through the post-dot-com restructuring as it provided cash flow largely uncorrelated with telecom capital spending cycles.
VIAVI Solutions Inc. ↗Capacity2023
VIAVI's OVP technology works through vacuum thin-film deposition: aluminum is deposited in vacuum onto a release substrate, an optical coating layer is applied, a second aluminum layer is deposited, and the multilayer film is then flaked into microscopic platelets. When these platelets are dispersed in security ink, they align during application and produce angle-dependent color shifts. The OVP manufacturing process requires high-vacuum deposition chambers, cryogenic cooling, and precisely controlled coating chemistry — a technically demanding, capital-intensive process that few companies globally have been able to replicate. The barrier to entry is the technical complexity plus the regulatory pathway: any new OVP supplier for currency use must pass multi-year central bank qualification programs before their pigments can be used in official currency printing.
VIAVI Solutions Inc. ↗