secwatch.observer — SEC 8-K summary
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Issuer:     COHERENT CORP. (COHR)
CIK:        0000820318
Form:       8-K
Filed at:   2023-05-30T23:59:59+00:00
Accession:  0001193125-23-155919
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.05, 7.01, 9.01, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Coherent approves $150-200M restructuring plan; announces SiC substrate MOU with Mitsubishi Electric
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/820318/000119312523155919/0001193125-23-155919-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/820318/000119312523155919/d610462d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-155919

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