‘Ottawa’ Capital Facts: Ottawa Company was One of the Largest Corporate Losses of all Time
In celebration of Canada’s 150th birthday, the Citizen is rolling out one fact each day for 150 days until July 1, highlighting the odd, the fascinating and the important bits of Ottawa history you might not know about.
Ottawa’s fibre-optic components maker JDSU recorded a net loss of $56.1 billion U.S. in 2001 — at the time the single biggest corporate loss globally ever recorded.
Much of the loss reflected a write-down in the value of SDL Inc., a California-based optical components firm JDSU acquired earlier that same year for $41.2 billion U.S. That deal was finalized just as the telecom industry imploded.
Adjusted for inflation, JDSU’s 2001 loss remains the fourth-largest of all time after AOL Time Warner, AIG and Fannie Mae — the latter two victims of the 2008-09 global financial crisis.
— Jim Bagnall