II-VI renames as Coherent deal completes

II-VI renames as Coherent deal completes

Business news |
By Nick Flaherty

II‐VI has completed the acquisition of Coherent, forming a global leader in materials, networking, and lasers. The combined company will be renamed Coherent.

The combined business will be more distributed across the value chain from materials to components, subsystems, systems, and services.

II-VI runs the Newton Aycliffe fab in Durham, UK making photonic components. It also signed a deal in February with artificial diamond company Element Six in Oxford and has made significant moves into the silicon carbide market through the acquisition of Ascatron in Sweden. It is also developing lithium sulfide battery technology. 

“Coherent is an innovator with a rich portfolio of some of the most advanced technologies in the world, which have been transformative in a broad range of markets,” said Dr Vincent Mattera, Chair and CEO of II-VI.

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“I am also very excited to announce a new direction for our brand,” said Mattera. “We plan for the combined company to be named Coherent. We will soon announce the date of the launch of our new brand identity. While the name Coherent has a strong association with lasers, the broader meaning of the word is ‘bringing things together.’”

“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. We are together on a journey towards a future that will be increasingly mobile, intelligent, and electric, accelerating the pace of innovation and enabling a stream of spectacular successes that will sustainably change the world around us,” he said.

The combined company will serve the four markets of industrial, communications, electronics, and instrumentation, which together represent a fast-growing total addressable market of $65 billion.

The combined company will be organized into three business segments. Dr Giovanni Barbarossa will continue to serve as the Chief Strategy Officer of the company and lead the Materials Segment, previously referred to as the Compound Semiconductors Segment. Sunny Sun will continue to lead the Networking Segment, which was previously the Photonic Solutions Segment. Dr Mark Sobey, formerly the COO and Executive Vice President of Coherent, will be the President of a new Lasers Segment.

The combined company has a workforce of over 28,000 staff in 130 locations worldwide.

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