Coherent Corp, a global leader in photonics, announced that it has entered into a definitive agreement to sell its Aerospace and Defense business to Advent, a leading global private equity investor, for $400 million. Proceeds will be used to reduce debt, which will be immediately accretive to Coherent’s EPS.
Coherent’s Aerospace and Defense designs and manufactures optical and laser systems for defense applications. The business includes approximately 550 employees and 10 geographic sites.
“We are pleased to have reached this agreement with Advent. As part of our strategic portfolio optimization process, this transaction furthers our strategy to concentrate efforts on core growth markets and products,” said Jim Anderson, CEO of Coherent.
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“Coherent’s Aerospace and Defense business is an exceptional business with a distinguished heritage in pioneering optical and laser technology for the world’s most demanding applications,” said Shonnel Malani, Managing Partner at Advent. “This acquisition is complementary to our existing investments in the sector and underscores our commitment to investing in mission-critical national security technologies. We are excited to partner with the talented management team, and we plan to invest significantly in R&D to further solidify the business’s leadership in advanced laser and optical solutions.”
SOURCE: GlobeNewswire