Coherent Corp.

Coherent Corp. (formerly II-VI Incorporated) is an American manufacturer of optical materials and semiconductors. As of 2023, the company had 26,622 employees. Their stock is listed at the New York Stock Exchange under the ticker symbol COHR. In 2022, II-VI acquired laser manufacturer Coherent, Inc., and adopted its name.[3][4]

This article is about the company resulting from a 2022 acquisition. For the company that was acquired, see Coherent, Inc.
Coherent Corp.
TypePublic company
Industry
PredecessorII-VI Incorporated
Founded1971 (1971)
Founders
  • Carl Johnson
  • James Hawkey
HeadquartersSaxonburg, Pennsylvania, U.S.
Number of locations
130[1] (2022)
Key people
Vincent D. Mattera, Jr. (Chair and CEO)
RevenueIncrease US$5.16 billion (2023)
Decrease −US$37 million (2023)
Decrease −US$259 million (2023)
Total assetsIncrease US$13.7 billion (2023)
Total equityIncrease US$4.99 billion (2023)
Number of employees
26,622 (2023)
SubsidiariesCoherent, Inc.
Websitecoherent.com
Footnotes / references
Financials as of June 30, 2023.[2]

History

Coherent was founded as II-VI Incorporated in 1971 by Carl Johnson and James Hawkey.[5][6] The name "II-VI" is a reference to the groups II and VI in the periodic table, since the company started its business by producing cadmium telluride (cadmium belongs to group II and tellurium belongs to group VI).[7] The company's first products included lenses, windows, and mirrors for CO2 lasers.[5]

The company held its initial public offering in 1987.[5] According to Carl Johnson, the funds raised by the IPO allowed II-VI to expand its zinc selenide manufacturing capacity.[5]

In the 1990s, the company began to grow both on its own and through acquisitions.[5] It purchased Litton Systems' silicon carbide group from Northrop Grumman in the 1990s,[5] Virgo Optics in 1995,[8] and Lightning Optical Corporation in 1996,[8] among others. The combination of Virgo and Lightning created II-VI's VLOC division for developing one-micron solid-state lasers.[8] Acquisitions in the 2000s have included Laser Power Optics in 2000; Marlow Industries in 2004;[9] HIGHYAG (75% in 2007[10] and the remaining 25% in 2013); Photop Technologies in 2010;[11] Oclaro's Santa Rosa, California, optics coating facility in 2012; Anadigics and EpiWorks in 2016;[12] and Integrated Photonics in 2017.[13][8] The acquisition of Avalon Photonics, Anadigics, and EpiWorks allowed II-VI to increase its production of vertical-cavity surface-emitting lasers (VCSELs),[8] important to 3D sensing technology; and the acquisition of Finisar Corporation in 2019 brought to II-VI Finisar's indium phosphide (InP) platform and its experience in integrating InP lasers with optics and electronics in transceivers.[8] Acquisitions of INNOViON, Ascatron, and some of GE's patents have expanded its business in silicon carbide substrates.[8] In 2022, II-VI acquired laser manufacturer Coherent, Inc..[14] and took the name Coherent Corp.[3]

Carl Johnson served as II-VI's first CEO from 1985 to 2007. He stepped down as CEO in 2007 and was named chairman of the board, a position he held until 2014.[15] Johnson was succeeded as CEO by Francis Kramer, who had been president since 1985.[13] Kramer followed Johnson as chair in 2014, in addition to his duties as CEO, and continued as chair in 2016 when Vincent D. (Chuck) Mattera, Jr., became the company's third CEO.[8] In November 2021, Kramer transitioned from chair to Chair Emeritus, and Mattera was named chair and CEO.[16]

Locations and facilities

Coherent Corp. is headquartered in Saxonburg, Pennsylvania,[17] located north of Pittsburgh in Butler County. The company has R&D, manufacturing, sales, service, and distribution facilities in 130 locations worldwide.[2]

The Saxonburg headquarters site was once the property of KDKA, the world's first commercially licensed radio station, and some of original structures are still there.[18] In the 1940s, the site was expanded by the Carnegie Institute of Technology and the U.S. Nuclear Regulatory Commission to become a 400 MeV synchrocyclotron research facility.[19] II-VI acquired the property around 1978 and has further expanded the facility over the years.[20]

References
  1. "ESG Report 2022" (PDF). Coherent Corporation. Retrieved August 19, 2022.
  2. "Form 10-K Annual Report". U.S. Securities and Exchange Commission. August 18, 2023.
  3. "II-VI Incorporated Completes the Acquisition of Coherent, Forming a Global Leader in Materials, Networking, and Lasers". GlobeNewswire (Press release). July 1, 2022.
  4. Doughty, Nate (1 July 2022). "II-VI completes acquisition of Coherent, will take on new name". American City Business Journals. Archived from the original on 1 July 2022.
  5. "II-VI: Milestones of its first leader". Compound Semiconductor Magazine. Retrieved January 19, 2022.
  6. "Ranking". money.usnews.com. Archived from the original on 2019-10-07. Retrieved 2019-09-12.
  7. "About Us | II-VI Incorporated".
  8. "II-VI: The laser years". Compound Semiconductor Magazine. Retrieved January 24, 2022.
  9. "II-VI Incorporated History". Fundinguniverse.com. Retrieved March 1, 2022.
  10. "II-VI to take majority stake in HIGHYAG Lasertechnologie GmbH". Laser Focus World. October 3, 2007. Retrieved June 1, 2022.
  11. "II-VI agrees to acquire Photop Technologies". Laser Focus World. December 30, 2009. Retrieved June 1, 2022.
  12. "II-VI completes acquisition of ANADIGICS. Finally". Microwave Journal. March 16, 2016. Retrieved June 1, 2022.
  13. "II-VI: Milestones of its first leader". Compound Semiconductor Magazine. Retrieved January 21, 2022.
  14. "II-VI Takeover of Coherent Advances CEO's Global Laser Mission". Bloomberg News. Retrieved February 4, 2022.
  15. "II-VI: Milestones of its First Leader". Compound Semiconductor Magazine. Retrieved May 11, 2022.
  16. "II-VI's chair Kramer to become Chair Emeritus". Semiconductor Today Magazine. Retrieved May 11, 2022.
  17. "Local laser optics company introduces new systems". www.bizjournals.com. June 4, 2019. Retrieved 2019-09-12.
  18. "II-VI: Milestones of its first leader". Retrieved March 22, 2022.
  19. "II-VI: Milestones of its first leader".
  20. "II-VI: Milestones of its first leader".
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