PITTSBURGH, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Coherent Corp. (NYSE: COHR), a global leader in materials, networking, and lasers, announced today the sale of its manufacturing facility in Newton Aycliffe, County Durham, UK. The sale is part of the company's ongoing efforts to streamline operations and optimize its global footprint.
"Divesting the Newton Aycliffe plant is part of our effort to optimize our portfolio and streamline our operations, which allows us to focus our investment and capital on the areas of greatest long-term growth and profitability for the company,” said Jim Anderson, CEO.
The 310,000 square feet plant, located in Aycliffe Business Park, was acquired by the former II VI Incorporated (now Coherent Corp.) in 2017. Macquarie Semiconductor and Technology, a unit within Macquarie Group's Commodities and Global Markets division, served as transaction consultant to Coherent; Taylor Wessing served as legal advisors to Coherent.
About Coherent
Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.
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