CLINTON TWP — II-VI has bought the Zurich, Switzerland-based semiconductor laser business Oclaro for $115 million.

The acquisition provides II-VI with semiconductor laser technology used in laser system products for material processing, medical, consumer and fiber optic communication applications.

Francis Kramer, president and CEO of II-VI, said in a news release that Oclaro will offer a new operating segment for the company. He said Oclaro’s laser technology will help the company serve several growing markets.

“This acquisition is an integral part of II-IV’s overall strategy, which is centered on a broad participation in laser systems across multiple applications,” Kramer said.

II-IV, with its headquarters on Saxonburg Boulevard, makes engineered materials and optoelectronic components.