II-VI Is Renamed 'Coherent' After Acquisition
II-VI completes its acquisition of Coherent to create a materials, networking, and laser company addressing a market of $65 billion
II-VI Incorporated has successfully completed the acquisition of Coherent, Inc, to form a materials, networking, and laser company. 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.
Under the terms of the merger agreement, each share of Coherent common stock was converted into the right to receive $220.00 in cash and 0.91 of a share of II-VI common stock.
Both organisations bring their own strengths. The combined business will be more distributed across the value chain from materials to components, subsystems, systems, and service. II-VI's scale, at the levels of the value chain where expertise in materials matters, is complementary to Coherent's scale where laser systems play. The combined company will leverage that complementary scale in ways that will really matter to our customers in strategic markets.
“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 Vincent D. Mattera, Jr., Chair and CEO of II-VI. “I would like to thank Andy Mattes for his leadership of Coherent and enabling a very successful integration planning process.”
Mattera continued, “I am also very excited to announce a new direction for our brand: 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.' It represents our diversity in thinking distilled into our clarity of purpose, our unity in action, and our broader sense of engagement by connection to our mission, vision, and values.
“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 commercialisation 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.
II-VI has welcomed Stephen A. Skaggs and Sandeep S. Vij, former directors of Coherent, to its board. The combined company will be organised into three business segments. 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. Mark Sobey, formerly the COO and executive VP of Coherent, will be the president of thenew Lasers Segment.