COHERENT CORP. (COHR): restructuring charge — Coherent approves $150-200M restructuring plan; announces SiC substrate MOU with Mitsubishi Electric

COHERENT CORP.

Restructuring plan includes site consolidations and facilities closures; expects $150M-$200M pre-tax charges, with $75M-$100M cash severance and $75M-$100M non-cash impairment losses.
Actions substantially complete by end of fiscal 2025; intended to realign cost structure as part of post-Coherent acquisition integration.
Declared quarterly dividend of $3.00 per share on Series A Mandatory Convertible Preferred Stock (IIVI), payable July 3, 2023 to holders of record June 15.
Entered MOU with Mitsubishi Electric to supply 200mm SiC substrates for Mitsubishi's new 200mm wafer fab for SiC power devices.
MOU supports Mitsubishi's ~¥260B investment in SiC manufacturing; long-term supply agreement expected.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

COHERENT CORP. announced a restructuring with charges of approximately $150 million to $200 million of pre-tax charges affecting manufacturing facilities and sites across the Company.

Type: restructuring
Charge: approximately $150 million to $200 million of pre-tax charges
Affected area: manufacturing facilities and sites across the Company

Exact text from the filing

the Company’s cost structure as part of a transformation to a simpler, more streamlined, resilient and sustainable business model. The Company expects to incur approximately $150 million to $200 million of pre-tax charges primarily as a result of the reduction in force and facility consolidations related to the closure and relocation of sites. The charges include

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COHERENT CORP. filing history →

Source: SEC EDGAR

accession 0001193125-23-155919

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