II-VI Finalizes Coherent deal, Names Combined Company Coherent
II-VI has finalized its acquisition of laser developer and manufacturer Coherent. The closing follows II-VI’s announcement last week that the company obtained antitrust clearance from the State Administration for Market Regulation of the People’s Republic of China (SAMR).
The combined company will be named Coherent and will trade under the ticker symbol COHR on the Nasdaq stock market. It will be organized into three business segments: Materials, Networking, and Lasers. The launch of the company’s brand identity will be announced at a later date.
Giovanni Barbarossa will continue to serve as the company’s chief strategy officer and lead the Materials segment, previously referred to as the Compound Semiconductors segment. Sunny Sun will lead the Networking segment, which was previously the Photonic Solutions segment. Mark Sobey, formerly the COO and executive vice president of Coherent, will be the president of the Laser segment, which is newly established.
Additionally, Stephen Skaggs and Sandeep Vij, former directors of Coherent, will join the board of the company.
In a press release, the companies said the combined company will serve the four markets of industrial, communications, electronics, and instrumentation, which together represent a total addressable market of $65 billion. The combined company’s global workforce has over 28,000 associates in 130 locations worldwide.
“With our foundation in materials and our unstoppable imagination, we will enable the next evolution of the cloud, 3D sensing, electric vehicles, additive manufacturing, the commercialization of space, and the personalization of health care, just to name a few,” said Vincent D. “Chuck” Mattera Jr., chair and CEO of II-VI.
The acquisition closed July 1. A timeline of the acquisition history prior to the finalization of the deal is available here.
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