Coherent Corp.’s stock COHR, -0.67% jumped 3.2% premarket Tuesday, after the materials, networking and lasers company said it has concluded a review of its silicon carbide business and will receive $1 billion in investments from Denso Corp. 6902, +3.15% and Mitsubishi Electric Corp. 6503, +2.69%. The Japanese companies will invest $500 million each and receive a 12.5% non-controlling stake in Pittsburgh-based Coherent.
Coherent will own the remaining 75% stake and will separate it into a subsidiary. The business will continue to be run by Sohail Khan, Coherent’s EVP for new ventures and wide-bandgap electronics technologies. “The investment will fund the manufacturing expansion of the Business’s substrates and epitaxial wafers and, in combination with the concurrent supply agreements, enhance its position in the market,” Coherent said in a statement.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Oppenheimer cuts ratings on Apollo and Blue Owl but says other alternative investment firms remain undervaluedSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Baca lebih lajut »