Press Release

02/08/2021

For Immediate Release:

COHERENT CONFIRMS RECEIPT OF UNSOLICITED PROPOSAL FROM MKS INSTRUMENTS

Announces Intention to Enter into Discussions with MKS

SANTA CLARA, CA, February 8, 2021 – Coherent, Inc. (NASDAQ: COHR) (“Coherent”) today announced that it has received an unsolicited acquisition proposal from MKS Instruments, Inc. (NASDAQ: MKSI) (“MKS”) to acquire Coherent in a cash and stock transaction. Under the terms of MKS’ proposal, each share of Coherent common stock would be exchanged for $115.00 in cash and 0.7473 of a share of MKS common stock at the completion of the transaction, subject to customary closing conditions including receipt of U.S. and foreign antitrust approvals and stockholder approvals. ​

On January 19, 2021, Coherent announced that it had entered into a merger agreement with Lumentum Holdings Inc. (NASDAQ: LITE) (“Lumentum”) pursuant to which Lumentum agreed to acquire Coherent and each share of Coherent common stock would be exchanged for $100.00 in cash and 1.1851 shares of Lumentum common stock at the completion of the transaction, subject to customary closing conditions including receipt of U.S. and foreign antitrust approvals and stockholder approvals.

Coherent’s board of directors is evaluating MKS’ proposal and has not made a determination as to whether it is superior to the Lumentum transaction under the terms of Coherent’s merger agreement with Lumentum. After consulting with its financial and legal advisors, however, Coherent’s board of directors has determined that MKS’ proposal could lead to a transaction that is superior to its pending transaction with Lumentum and, accordingly, Coherent has determined to engage in discussions with MKS to further evaluate the comparative benefits and risks of MKS’ proposed transaction relative to Coherent’s pending transaction with Lumentum, including the near and long term financial opportunities of each transaction, the expected completion timing of each transaction, and the closing risks associated with each transaction. There can be no assurances that Coherent will conclude that the transaction proposed by MKS is superior to Coherent’s pending transaction with Lumentum and Coherent investors are encouraged to await a final determination from Coherent’s board of directors.

Notwithstanding its receipt of MKS’ proposal and pending discussions between Coherent and MKS, Coherent’s board of directors continues to recommend Coherent’s merger agreement with Lumentum to its stockholders. Coherent’s board of directors is not modifying or withdrawing its recommendation with respect to the Lumentum merger agreement and the Lumentum merger at this time, or proposing to do so, and is not making any recommendation with respect to MKS’ proposal at this time.

Bank of America is serving as financial advisor to Coherent and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.

About Coherent

Founded in 1966, Coherent, Inc. is a global provider of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company’s website at https://www.Coherent.com for product and financial updates.

Important Information and Where You Can Find It

In connection with the proposed transaction between Coherent and Lumentum (the “Proposed Transaction”), Lumentum plans to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that will include a joint proxy statement of Coherent and Lumentum and will constitute a prospectus with respect to shares of Lumentum’s common stock to be issued to Coherent’s stockholders at the completion of the Proposed Transaction (the “Joint Proxy Statement/Prospectus”). Coherent and Lumentum may also file other documents with the SEC regarding the Proposed Transaction. This communication is not a substitute for the Joint Proxy Statement/Prospectus or any other document which Coherent or Lumentum may file with the SEC in connection with the Proposed Transaction. COHERENT STOCKHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

Investors and security holders will be able to obtain free copies of the Joint Proxy Statement/Prospectus and other relevant documents filed with the SEC by Coherent and Lumentum in connection with the Proposed Transaction through the website maintained by the SEC at www.sec.gov. Additional information regarding the participants in the solicitation of proxies in respect of the Proposed Transaction, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in any registration statement, prospectus, proxy statement and other relevant materials to be filed with the SEC if and when they become available.

Participants in the Solicitation of Proxies in Connection with Proposed Transaction

Coherent and its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Proposed Transaction. Information regarding Coherent’s directors and executive officers, including a description of their direct and indirect interests in the Proposed Transaction, by security holdings or otherwise, will be contained in the Joint Proxy Statement/Prospectus. Coherent stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the Proposed Transaction, including the direct and indirect interests of Coherent directors and executive officers in the Proposed Transaction, which may be different than those of Coherent stockholders generally, by reading the Joint Proxy Statement/Prospectus and any other relevant documents (including any registration statement, prospectus, proxy statement and other relevant materials to be filed with the SEC) that are filed or will be filed with the SEC relating to the Proposed Transaction. You may obtain free copies of these documents using the sources indicated above.

No Offer or Solicitation

This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. If a negotiated transaction between Coherent and MKS is agreed, Coherent and MKS will prepare and file a registration statement that will include a proxy statement/prospectus related to the proposed transaction, the proposed transaction will be submitted to the stockholders of Coherent for their consideration, and Coherent will provide the proxy statement/prospectus to its stockholders. Coherent, and possibly MKS, may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for any prospectus, proxy statement or any other document which Coherent or MKS may file with the SEC in connection with the proposed transaction. If a negotiated transaction between Coherent and MKS is agreed, investors and security holders are urged to read the proxy statement/prospectus and the other relevant materials with respect to the proposed transaction with MKS carefully in their entirety when they become available before making any voting or investment decision with respect to the proposed transaction with MKS, because they will contain important information about the proposed transaction with MKS.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Coherent’s and its board of directors’ current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in these statements. These statements include the statement that Coherent’s board of directors has not made a determination as to whether the MKS proposal constitutes or would be reasonably likely to lead to a superior proposal under the terms of Coherent’s merger agreement with Lumentum.

The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the determinations made by Coherent’s board of directors following its evaluation of the MKS proposal; actions of Lumentum in response to any discussions with MKS; the results of discussions with MKS; the impact of actions of other parties with respect to any discussions and the potential consummation of the proposed transaction with Lumentum; the outcome of any legal proceedings that could be instituted against Coherent or its directors related to the discussions or the proposed merger agreement with Lumentum; changes in the proposal from MKS; the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed merger agreement with Lumentum; the inability to complete the proposed merger with Lumentum due to the failure to obtain stockholder approval for the merger or the failure to satisfy other conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; the failure of Lumentum to obtain the necessary financing arrangements set forth in the debt commitment letters delivered pursuant to the proposed merger agreement with Lumentum; risks that the proposed transaction with Lumentum disrupts current plans and operations and potential difficulties in employee retention as a result of the proposed merger with Lumentum or the MKS proposal; the impact of the COVID-19 pandemic and related private and public sector measures on Coherent’s business and general economic conditions; risks associated with the recovery of global and regional economies from the negative effects of the COVID-19 pandemic and related private and public sector measures; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Coherent’s and Lumentum’s response to any of the aforementioned factors; geopolitical conditions, including trade and national security policies and export controls and executive orders relating thereto, and worldwide government economic policies, including trade relations between the United States and China; Coherent’s ability to provide a safe working environment for members during the COVID-19 pandemic or any other public health crises, including pandemics or epidemics; the effects of local and national economic, credit and capital market conditions on the proposed transactions or on the economy in general, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC, including, but not limited to, those detailed in Coherent’s Annual Report on Form 10-K for the fiscal year ended October 3, 2020 (as amended). The forward-looking statements contained herein are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.


Investors
Charlie Koons
Brunswick Group
+1 917 246 1458

Media
Jonathan Doorley / Rebecca Kral
Brunswick Group
+1 917 459-0419 / 917 818 9002

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

01/19/2021

For Immediate Release:

LUMENTUM AND COHERENT TO COMBINE, UNITING GLOBAL INDUSTRY LEADERS TO ACCELERATE THE FUTURE OF PHOTONICS

  • Lumentum to acquire Coherent in a $5.7 billion cash and stock transaction
  • Brings together highly complementary, best-in-class portfolios and teams to accelerate photonic innovation, and significantly expands Lumentum’s penetration of the more than $10 billion market for lasers and photonics outside of communications and 3D sensing
  • Expected to deliver more than $150 million in annual run-rate synergies within 24 months of transaction close, and be accretive to non-GAAP earnings per share during the first full year after closing
  • Lumentum and Coherent announce strong preliminary financial results
  • The companies to host conference call today at 5:30 A.M. PT / 8:30 A.M. ET

San Jose, Calif., and Santa Clara, Calif., January 19, 2021 – Lumentum Holdings Inc. (“Lumentum”) and Coherent, Inc. (“Coherent”) today announced that they have entered into a definitive agreement under which Lumentum will acquire Coherent in a cash and stock transaction valued at $5.7 billion. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Coherent stockholders will receive $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own. At closing, Coherent stockholders are expected to own approximately 27% percent of the combined company.

The combination unites Coherent’s leading photonics and lasers businesses, including in the Microelectronics, Precision Manufacturing, Instrumentation, and Aerospace & Defense markets, with Lumentum’s leading Telecom, Datacom, and 3D Sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach. The combination accelerates Lumentum’s penetration of the more than $10 billion market for lasers and photonics outside of the communications and 3D sensing applications. The powerful R&D engine of the combined company will be primed to accelerate innovation in existing and future markets that need the unique capabilities that photonics bring. The combined company will be better positioned to serve the needs of a global customer base increasingly dependent on photonics to enable important end-market transitions including the shift to digital and virtual approaches to work and life, the transition to 5G in wireless networking, advanced bioinstrumentation, advanced microelectronics, and new materials for next generation consumer electronic devices, flat panel and OLED displays, communications equipment, electric and autonomous vehicles, and energy storage.

“Today’s announcement is an important advancement of Lumentum’s strategy,” said Alan Lowe, Lumentum President and CEO. “In our five years as a standalone public company, we have focused on developing the most innovative products and technology in our industry and partnering with market leading customers to help them compete and win in their markets. As we look ahead, we are thrilled to join forces with Coherent to create one of the world’s largest and most diverse photonics technology companies with leading positions in the growing market for photonics. Coherent brings one of the most recognizable and respected brands in the photonics industry and a very talented and innovative team. By increasing our scale, expanding our portfolio, and bolstering our R&D capabilities at a time when global markets are increasingly relying on photonics products and technologies, we are confident in our combined ability to pursue exciting new growth opportunities.

“Together, we expect to increase the pace of innovation, and to be at the forefront of the long-term market trends that are dependent on the capabilities of photonics. The combined company will also have a strong financial profile with a diversified revenue mix and significant synergy opportunities that will deliver enhanced value to our stockholders. We look forward to welcoming Coherent’s talented employees to the team and are confident in our ability to execute a smooth integration focused on supporting both companies’ employees and customers. As I often say, the future is truly bright at Lumentum – and with the addition of Coherent, it is even brighter,” concluded Mr. Lowe.

“We are excited about the combination of Lumentum and Coherent, two iconic brands in their respective photonics markets. We anticipate the combined complementary product portfolio, breadth of customer application knowledge, and R&D capabilities, all based on photonics, will accelerate innovation and adoption of photonics across the many markets that we serve,” said Andy Mattes, Coherent President and CEO. “We are excited to bring Coherent’s strength in OLED display manufacturing, semiconductor wafer inspection and life science instrumentation to Lumentum’s portfolio, to name but a few of the key applications we serve, and believe Lumentum’s expertise and scale in world class photonics components and systems will accelerate Coherent’s vertical integration and addressable market expansion in several high growth areas, such as directed energy in defense and precision battery welding in automotive. We look forward to contributing to a customer-centric, innovative culture with a track record of operational excellence. We are also pleased to deliver immediate and substantial value to our stockholders, as well as meaningful participation in the long-term growth opportunities created by the combined company. Today’s announcement is a testament to the hard work and dedication of the Coherent team to put us in an industry-leading position, and I look forward to working closely with Alan and the Lumentum team on a smooth transition.”

Compelling Strategic and Financial Benefits

  • Creates Diversified Industry Leader by Combining Complementary Leadership Positions Across Key Photonics Markets: The combination will create a leading photonics company with significant positions in the growing market for photonics, an expansive global customer base and a well-diversified revenue mix. By bringing together Coherent’s world-class photonic solutions across the microelectronics, precision manufacturing, instrumentation, and aerospace & defense markets with Lumentum’s leading photonic solutions for the Telecom, Datacom, and 3D Sensing markets, the combined company will offer a broad, differentiated portfolio of photonics products and technology in diverse, growing end markets. The combination accelerates Lumentum’s exposure and penetration of the more than $10 billion market for lasers and photonics outside of communications and 3D sensing applications where Lumentum has existing leadership positions.
  • Creates Stronger Partner for Customers: Lumentum is committed to the photonics and lasers markets and to strongly investing in innovation and manufacturing capabilities to deliver on customers’ photonics needs, today and into the future. The combined company will have a larger global footprint and a broader portfolio of products and technology relevant to global leaders in the development and manufacturing of semiconductors, microelectronics, consumer electronics, autonomous and electric vehicles, and cloud and communications networks, which increasingly need a broader array of photonic solutions for their multitude of product, infrastructure, and manufacturing needs.
  • Increased Intersection of Value Chains Driven by Long-Term Trends: Photonics will play an increasing role in the accelerating shift to increasingly digital and virtual approaches to work and daily life, addressing climate change, new approaches to health care and monitoring, and addressing new safety and security. Combining Lumentum’s and Coherent’s products and technologies increases the intersection of the value chains for all of these applications, from the photonics used to discover, develop, and advance these applications, to the photonics that enable high precision manufacturing to create the high value goods needed in these applications, to finally the photonics products that are directly used in these applications.
  • Well-Positioned to Pursue Attractive Growth Opportunities and New Markets and Expand Position in Technology Stacks: The combined organization will be well-positioned to pursue catalysts for future growth and drive new market opportunities from conception to volume deployment due to its increased capabilities and resources, powerful combined R&D engine, track record of customer-centric innovation, and strong customer relationships. The combination’s increased vertical integration, from underlying components and materials to sub-systems and systems, allows an accelerated optimization of the combined company’s participation in the technology stack of end market customers.
  • Delivers Substantial Run-Rate Synergies and Solid Accretion to Lumentum’s Earnings: There are significant efficiency gains in combining derived by the increased scale, reducing redundancies, and leveraging the best capabilities in the combination. The combined company is expected to generate more than $150 million in annual run-rate synergies within 24 months of the closing of the transaction. The transaction is expected to be accretive to the combined company’s non-GAAP earnings per share during the first full year after the close of the transaction. Upon closing, the combined company is expected to have a solid balance sheet and strong operating cash flows, creating substantial financial flexibility to pursue continued growth initiatives.

Transaction Terms, Financing, Governance and Approvals

The transaction value represents a premium of 49% to Coherent’s closing price on January 15, 2021.

Lumentum intends to finance the cash consideration of the transaction through a combination of cash on hand from the combined company’s balance sheet and $2.1 billion in new debt financing from a fully committed Term Loan B.

Two members of the Coherent Board will be appointed to the Lumentum Board, which will be expanded to nine directors, at the closing of the transaction.

The transaction is expected to close in the second half of calendar year 2021, subject to approval by Lumentum’s and Coherent’s stockholders, receipt of regulatory approvals and other customary closing conditions.

Lumentum’s and Coherent’s Preliminary Financial Results

In separate press releases issued today, Lumentum and Coherent announced preliminary financial results for their second quarter fiscal 2021 and first quarter fiscal 2021, respectively. The Lumentum press release is available at http://investor.lumentum.com. The Coherent press release is available at http://investors.coherent.com.

Advisors

Deutsche Bank served as the exclusive financial advisor and sole bookrunner on the committed debt financing to Lumentum and Wilson Sonsini Goodrich & Rosati served as legal advisor. Bank of America served as exclusive financial advisor to Coherent and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor.

Conference Call

The companies will hold a conference call today, January 19, 2021 at 5:30 a.m. PT/8:30 a.m. ET to discuss today’s announcement. A live webcast of the call and the replay will be available on the Lumentum website at http://investor.lumentum.com. Supporting materials for the call’s presentation will be posted on http://investor.lumentum.com under the “Events and Presentations” section prior to the call and on http://investors.coherent.com. A conference call replay will be available through January 26, 2021, at 11:59 p.m. ET. To listen to the live conference call, dial (844) 802-2439 or (412) 902-4275 and reference the passcode 10151718. To access the replay, dial (877) 344-7529 or (412) 317-0088 and reference the passcode 10151718 This press release is being furnished as an exhibit to a Current Report on Form 8-K filed with the Securities and Exchange Commission and will be available at http://www.sec.gov/.

About Lumentum

Lumentum (NASDAQ: LITE) is a major designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide. Lumentum optical components and subsystems are part of virtually every type of telecom, enterprise, and data center network. Lumentum lasers enable advanced manufacturing techniques and diverse applications including next-generation 3D sensing capabilities. Lumentum is headquartered in San Jose, California with R&D, manufacturing, and sales offices worldwide. For more information, visit www.lumentum.com.

Additional Information and Where to Find It

This communication is being made in respect of a proposed business combination involving Lumentum and Coherent. In connection with the proposed transaction, Lumentum will file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 that includes the joint proxy statement of Lumentum and Coherent that will also constitute a prospectus of Lumentum. The information in the preliminary proxy statement/prospectus is not complete and may be changed. When the joint proxy statement/prospectus is finalized, it will be sent to the respective stockholders of Coherent and Lumentum seeking their approval of their respective transaction-related proposals. Lumentum may not sell the common stock referenced in the proxy statement/prospectus until the Registration Statement on Form S-4 filed with the SEC becomes effective. The preliminary proxy statement/prospectus and this communication are not offers to sell Lumentum securities, are not soliciting an offer to buy Lumentum securities in any state where the offer and sale is not permitted and are not a solicitation of any vote or approval. LUMENTUM AND COHERENT URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE RELATED JOINT PROXY STATEMENT/PROSPECTUS INCLUDED THEREIN AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain these materials (when they are available and filed) free of charge at the SEC’s website, www.sec.gov. Copies of documents filed with the SEC by Lumentum (when they become available) may be obtained free of charge on Lumentum’s website at www.lumentum.com or by contacting Lumentum’s Investor Relations Department at investor.relations@lumentum.com. Copies of documents filed with the SEC by Coherent (when they become available) may be obtained free of charge on Coherent’s website at https://investors.coherent.com by contacting Coherent’s Investor Relations Department at investor.relations@coherent.com.

Participants in the Solicitation

Each of Lumentum, Coherent and directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the transaction. Information regarding these persons who may, under the rules of the SEC, be considered participants in the solicitation of the respective stockholders of Coherent and Lumentum in connection with the proposed transaction is set forth in the proxy statement/prospectus to be filed with the SEC. Additional information regarding Lumentum’s executive officers and directors is included in Lumentum’s definitive proxy statement, which was filed with the SEC on September 25, 2020. Additional information regarding Coherent’s executive officers and directors is included in Coherent’s definitive proxy statement, which was filed with the SEC on April 6, 2020. You can obtain free copies of these documents using the information in the paragraph immediately above.

Cautionary Note Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Coherent’s and Lumentum’s current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by Coherent and Lumentum, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining stockholder and regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of Coherent’s and Lumentum’s businesses and other conditions to the completion of the transaction; (ii) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the transaction or integrating the businesses of Coherent and Lumentum; (iii) the impact of the COVID-19 pandemic and related private and public sector measures on Coherent’s business and general economic conditions; (iv) risks associated with the recovery of global and regional economies from the negative effects of the COVID-19 pandemic and related private and public sector measures; (v) Coherent’s and Lumentum’s ability to implement its business strategy; (vi) pricing trends, including Coherent’s and Lumentum’s ability to achieve economies of scale; (vii) potential litigation relating to the proposed transaction that could be instituted against Coherent, Lumentum or their respective directors; (viii) the risk that disruptions from the proposed transaction will harm Coherent’s or Lumentum’s business, including current plans and operations; (ix) the ability of Coherent or Lumentum to retain and hire key personnel; (x) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (xi) uncertainty as to the long-term value of Lumentum common stock; (xii) legislative, regulatory and economic developments affecting Coherent’s and Lumentum’s businesses; (xiii) general economic and market developments and conditions; (xiv) the evolving legal, regulatory and tax regimes under which Coherent and Lumentum operate; (xv) potential business uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect Coherent’s and/or Lumentum’s financial performance; (xvi) restrictions during the pendency of the proposed transaction that may impact Coherent’s or Lumentum’s ability to pursue certain business opportunities or strategic transactions; (xvii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Coherent’s and Lumentum’s response to any of the aforementioned factors; (xviii) geopolitical conditions, including trade and national security policies and export controls and executive orders relating thereto, and worldwide government economic policies, including trade relations between the United States and China; (xix) Coherent’s ability to provide a safe working environment for members during the COVID-19 pandemic or any other public health crises, including pandemics or epidemics; and (xx) failure to receive the approval of the stockholders of Lumentum and/or Coherent. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the joint proxy statement/prospectus to be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the joint proxy statement/prospectus will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Coherent’s or Lumentum’s consolidated financial condition, results of operations, or liquidity. Neither Coherent nor Lumentum assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Contact Information

Lumentum

Investors: Jim Fanucchi, (408) 404-5400, investor.relations@lumentum.com

Media: Eric Brielmann or Kelly Sullivan, Joele Frank, Wilkinson, Brimmer Katcher, (212) 355-4449

Coherent

Investors: Kevin Palatnik, EVP & Chief Financial Officer, (408) 764-4161, kevin.palatnik@coherent.com

Media: Jeff Nolan, Director, Marketing, (650) 549-4062, jeff.nolan@coherent.com






Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

12/17/2020

For Immediate Release:

Coherent and II-VI to Jointly Supply Turnkey Automotive and Electrification Welding Solutions

Santa Clara, CA, December 16, 2020 – Coherent (Nasdaq: COHR) and II‐VI Incorporated (Nasdaq: IIVI) today announced that they have entered into a supply agreement creating a collaboration to enable faster process development and streamlined production services for automotive laser welding applications. These include high-strength alloy welding for automotive body-in-white applications and mass production copper welding for electrification applications. Specifically, the combination of II-VI’s advanced laser processing heads and the Coherent Adjustable Ring Mode (ARM) fiber laser technology delivers power adjustment and beam positioning on the fly to produce optimal welds with the highest quality at a very high speed and over large working areas, increasing the efficiency and decreasing the cost of ownership.

As part of this collaboration, Coherent will provide customers with the convenience of a single point of contact throughout the development and deployment of welding sub-systems combining the Coherent ARM fiber lasers and the II-VI RLSK and HIGHmotion 2D remote laser processing heads. By offering this Industry 4.0 ready solution, Coherent will deliver an optimized, integrated solution with superior service that ensures maximum productivity on customers’ manufacturing lines.

“System builders will get the best of both companies’ advanced technologies, with the logistical simplicity of a single source,” said Jarno Kangastupa, Managing Director, High-Power Fiber Lasers Business Unit, Coherent. “The advanced optics and smart software of II-VI’s laser processing heads enable customers to fully leverage the Coherent ARM laser with unique ability to control, in real time, the laser beam shape and power distribution with great precision and over a wide dynamic range, delivering the state of the art in remote laser welding.”

Dr. Karlheinz Gulden, Senior Vice President, Laser Devices and Systems Business Unit, II-VI, added, “The Coherent ARM laser and the II-VI remote laser processing heads each utilize unique designs that are very effective in suppressing back reflections, thus enabling extremely high-quality welds in reflective materials such as aluminum and copper, which are nowadays widely used in automotive, including in e-mobility applications. This combination enables a constant laser power level of up to 8 kW, which is beneficial for many copper and aluminum applications.”

About Coherent

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company’s website at https://www.coherent.com for product and financial updates.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, materials processing, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.


Technical Contact
Jukka Makinen
+358 44 491 9345
jukka.makinen@coherent.com

PR Contact
David Kuntz
+1 310 377 5393
davidkuntz@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

11/04/2020

For Immediate Release:

Coherent Launches Amplify Virtual Event Series Delivering Education, Networking, & Enablement for Users of Photonics Technology

Santa Clara, CA, 11/04/2020 – Coherent (Nasdaq: COHR) announces Amplify – a series of virtual conferences which provide educational and networking opportunities to researchers, engineers, and industrial users of photonics technology. Various events will focus on critical developments and trends in materials processing, scientific research, life sciences instrumentation, and microelectronics.

Coherent Amplify events will typically run for half a day and will connect participants with the latest developments in their field and the people who make them. These meetings will include invited papers, technology presentations, interviews, industry roundtable discussions, and breakout sessions, giving attendees an opportunity to directly interact with their peers, and industry experts and thought leaders.

The inaugural Amplify conference will focus on neuroscience and cell biology and will be held on December 10, 2020. A highlight of this event will be the keynote speech by Eric Betzig, Ph.D., who was awarded the Nobel Prize in Chemistry in 2014 for his work in fluorescence microscopy.

“Today, both scientific research and technology development are highly collaborative processes, making it essential for colleagues from all over the world to meet, share results, and network,” notes David Gee, Coherent Chief Marketing Officer. “As a leader in photonics, Coherent is committed to supporting those who utilize and depend upon photonics technology in their work. Coherent Amplify creates an environment where important current work from various fields is presented and also provides opportunities for personal development and advancement.”

In addition to the technical content, the Amplify events are meant to bring back some of the informal and social aspects of conferences that attendees may be missing. Gee adds, “We’re planning to include some opportunities to network and share ideas and best practices, in an informal and collaborative virtual setting.”

Learn more about Coherent Amplify.


PR Contact
David Kuntz
+1 310 377 5393
David.Kuntz@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

08/20/2020

For Immediate Release:

Coherent, Inc.'s Chief Financial Officer, Kevin Palatnik, to retire by March 2021

SANTA CLARA, CA., Aug. 20, 2020 — Coherent, Inc. (Nasdaq: COHR) today announced that the company and Executive Vice President and Chief Financial Officer Kevin Palatnik have entered into an Executive Transition Agreement, pursuant to which Mr. Palatnik will retire from the company no later than February 28, 2021.

“On behalf of the entire Coherent family, I want to thank Kevin for his years of service and steady stewardship to the company and all stakeholders. Coherent has a strong finance team and Kevin has played a significant role in driving our financial and operational improvements. I appreciate Kevin’s partnership in my introduction to Coherent. His consummate professionalism is further demonstrated by his lengthy notice period and commitment to a successful transition,” said Andy Mattes, President and Chief Executive Officer.

The company will immediately launch a global search for Mr. Palatnik’s successor.

Coherent, Inc. is one of the world’s leading providers of laser solutions and optics for microelectronics, life sciences, industrial manufacturing, and scientific markets. More than a provider of lasers, Coherent delivers systems to the world’s leading brands, innovators, and researchers, all backed with a global service and support network. Headquartered in California, COHR is traded on the NASDAQ and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. To learn more visit www.coherent.com.


Editorial Contact
Kevin Palatnik, EVP & Chief Financial Officer
+1 408 764 4110
Kevin.Palatnik@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

08/03/2020

For Immediate Release:

Coherent Announces Executive Leadership Changes

Santa Clara, CA., August 3, 2020 - Coherent’s (NASDAQ: COHR) President and Chief Executive Officer, Andy Mattes, today announced significant updates to the company’s senior leadership team. Mark Sobey EVP & Chief Operating Officer, now oversees both the ILS and OLS business units under his leadership to increase operational best practices sharing and create efficiencies. In addition Coherent announced the appointment of its first Chief Marketing Officer.

David Gee joins Coherent as SVP and CMO to help drive and support the company’s sales and go-to-market strategy and accelerate its digital transformation. David brings more than two decades of sales and marketing leadership experience in international technology companies. Most recently, he served as CMO at Imperva, a leading cyber security company and previously, as CMO of Zuora, Infoblox, and held senior marketing positions at Hewlett-Packard, Yahoo!, Sun Microsystems, and IBM.

The company is also announcing that Thomas Merk, Executive Vice President, ILS, will begin his retirement transition effective October, 2020. Mr. Merk joined the company as part of the acquisition of Rofin-Sinar, Inc., where he had been Chief Executive Officer.

“As we embark on our good-to-great journey, I am excited to welcome David to Coherent. We will benefit from his extensive digital marketing experiences in a world that has fundamentally changed. We recognized this shift early on in the COVID pandemic and are investing to build a better and more efficient Coherent,” said Andy Mattes. “Finally, on behalf of the entire Coherent family, I want to thank Thomas for his years of service and dedication to our company and wish him well in retirement.”


Director, Global Marketing Communications
Jeff Nolan
+1 650 549 4062
Jeff.Nolan@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

06/18/2020

For Immediate Release:

Coherent Adds EasyMark XL to Successful Laser Marking Systems Product Line

Santa Clara, CA, June 18, 2020 - The new EasyMark XL is a fully integrated, desktop laser marking system. Based on the successful EasyMark platform, the EasyMark XL offers an expanded working range and longer focal lengths. Marking fields are now available up to 240 mm x 240 mm.

The processing head of the EasyMark XL can be moved by 120 mm on a precision rail to be adapted to different workpiece heights. What this means is that larger work pieces with variable thickness can now be marked in one operation. The larger working area allows for batch processing of small parts for increased efficiency.

The EasyMark XL includes a number of options, such as three different nanosecond, infrared fiber lasers; the PowerLine F20 is a very economical solution, the PowerLine F50 delivers the highest speed, and the PowerLine F20 Varia enables optimization of the heat input by adjusting the pulse width, thus enabling marking with the highest quality requirements. Other options include a rotary axis for marking round parts and the software package APP Suite that enables effects such as 3D depth engraving. With this broad selection of options, the system can be configured to provide optimum results for a wide range of applications – from “low-tech” marking of plastic ear tags for animals, to marking codes on stainless steel medical devices, to deep engraving of casting molds and stamps.

The EasyMark XL is supported worldwide by experienced Coherent application specialists. Application development, service and a wide range of training courses complete the portfolio.


Editorial Contact
Wolfgang Illich
+49 0 8105 3965 4562
wolfgang.illich@coherent.com

PR Contact
David Kuntz
+1 310 377 5393
davidkuntz@cox.net

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

06/04/2020

For Immediate Release:

Coherent Debuts Another Major Leap in Fiber Laser Welding Technology

Santa Clara, CA, June 4, 2020 – The new Coherent HighLight FL4000CSM-ARM fiber laser builds on the success of Coherent HighLight ARM fiber laser series already qualified for automotive applications. This new laser enables more advanced welding capabilities for high thermal conductivity metals, and aligns to welding requirements for e-mobility, energy storage, and general electrical interconnects consisting of dissimilar materials, such as copper and aluminum, and foil stacks that require precise control.

This new technology represents a significant improvement in simplicity, and overcomes the limitations of other joining technologies. The latter include unstable welds due to welding head wear and the large heat affected zone caused by ultrasonic or standard fiber laser welding. The ability to move beyond the limitations of traditional fiber laser for welding thin conductive materials is possible because of its unique dual beam output (center beam surrounded by a ring beam). The center beam has extremely high brightness (nominal BPP 0.6) allowing a smaller spot size compared to its multi-mode counterpart. The small spot size results in very high laser intensity that minimizes heating of the material, and, together with the pre-heating effect achieved by the ring beam, significantly improves stability of the melt pool and therefore weld consistency that is a challenge when welding thin conductive materials.

The Coherent HighLight FL4000CSM-ARM has been developed at the recently expanded “Center of Excellence for Fiber Lasers” in Tampere, Finland and is available with an output power of 4 kW (1.5 kW center beam, 2.5 kW ring beam). As with other Coherent Adjustable Ring Mode lasers, power in the center and ring beams can be independently varied and modulated. The CSM-ARM is supplied with a 15 m length process fiber, making it easy to integrate in virtually any production environment, and is compatible with the standard process heads from Coherent and other manufacturers.


Technical Contact
Jukka Makinen
+358 44 491 9345
jukka.makinen@coherent.com

PR Contact
David Kuntz
+1 310 377 5393
davidkuntz@cox.net

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

04/06/2020

For Immediate Release:

相干公司任命 Andy Mattes 为新任首席执行官

加利福尼亚州圣克拉拉,2020 年 4 月 6 日/美通社/—美国相干公司(NASDAQ:COHR)及董事会已宣布任命 Andreas “Andy” W. Mattes 为公司新任总裁兼首席执行官及董事会成员。加入相干公司之前,Andy Mattes曾任麦肯锡公司高级顾问以及Diebold Nixdorf公司首席执行官。相干公司一年前曾宣布,时任总裁兼首席执行官和董事会成员的 John R. Ambroseo 博士将于 2021 年 4 月前退休离任。新任命发布后,John Ambroseo 博士将在明年年底之前继续担任公司特别顾问,以确保平稳成功过渡。同时,Andy Mattes推荐Mark Sobey 博士出任执行副总裁兼首席运营官。 Mark Sobey 博士在相干公司有13年的高级管理经验。

相干公司董事会主席Garry Rogerson博士表示:“我们非常高兴Andy Mattes 加盟相干,担任公司新任首席执行官。Andy在运营和发展全球科技企业方面有着丰富的经验,包括硬件、软件和服务等,领导能力有目共睹。他的战略经验和领导才能,加上Mark Sobey深厚的行业学识以及我们经验丰富的资深员工的支持,将带领公司开启业务发展的新篇章。我们非常期待与Andy Mattes 的密切合作。”

“我们也非常感谢John Ambroseo 在过去30年为相干公司所做的贡献。在他任职首席执行官的18年间,相干公司发展成为激光行业的技术创新者和市场领导者,感谢John Ambroseo带领我们取得今天的成就。” Garry Rogerson 补充说道。

Andy Mattes 拥有美国和德国双国籍,是一位具有 30 多年管理经验的资深全球科技业务高管。在担任麦肯锡公司高级顾问期间,Andy Mattes专注于为国际企业提供战略转型及业务增长咨询服务。在此之前, Andy Mattes 担任上市公司 Diebold Nixdorf(一家跨国金融和零售服务技术公司)总裁兼首席执行官。在他的领导下,Diebold Nixdorf 的业务重心重新转向服务和软件领域,并成功完成了最大的美德跨境企业并购项目之一,一跃发展成为全球规模最大的 ATM 提供商。此前,他在惠普公司公司担任了超过五年的行政领导职务,领导全球销售业务,负责美洲地区企业事务。此外,Andy Mattes在西门子公司有 20 多年的工作经验。过去 20 年间,他还在多家私有和公有科技公司的董事会任职

Andy Mattes 表示:“我很荣幸能有机会加入相干,领导这样杰出的公司。我相信,当市场恢复常态后,我们会更加强大。我将与公司的管理团队一起,首先致力于确保员工的安全和健康,并继续巩固公司强劲的财务数据。更长远来说,我期望与董事会和管理层紧密合作,加强相干公司在行业中的领先地位,为公司的前沿技术寻找更多发展机会,推动业务增长和创新。”


Editorial Contact
Jeff Nolan
+1 650 549 4062
Jeff.Nolan@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

04/16/2020

For Immediate Release:

Diode Laser Offers High Output Power in a Compact, All-in-One Package

Santa Clara, CA., April 16, 2020 – The Coherent HighLight™ DL HPS is an industrial diode laser that offers high power output (1 kW to 4 kW) in a compact, self-contained package, making it particularly useful for systems integrators and end users performing metal cladding, heat treating, brazing, and welding. The HighLight DL HPS utilizes an “all-in–one” configuration, meaning that the laser head, power supply, water chiller, and heat exchanger are all contained in a single enclosure. Yet, this enclosure measures only 670 x 1050 x 1760 mm, making it suitable for space-constrained applications, such as those often found in the automotive industry.

Another significant advantage of the HighLight DL HPS is that its conduction-cooled laser diodes enable the closed-loop chiller to utilize distilled water. This allows for a much easier implementation when compared with products which require the complexity and expense of deionized water.

The HighLight DL HPS is available with numerous factory options and accessories. The near-IR output is delivered through a detachable delivery fiber terminating in a choice of QBH or QD connector. Coherent also offers a wide variety of processing heads, including zoom focusing units, which enable the output to be tailored in size, shape, and intensity to the specific requirements of each application. This makes the HighLight DL HPS suitable for a wide range of applications in industries as diverse as oil/gas, agriculture, construction, 3D additive manufacturing, and semiconductor fabrication.


Coherent, Inc.
Heiko Riedelsberger
+ 49 6131 9226 296
Heiko.Riedelsberger@coherent.com

Technical Marketing Services
David Kuntz
+1 310 377 5393
davidkuntz@cox.net

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

04/02/2020

For Immediate Release:

Coherent Creates Center of Excellence for Fiber Lasers in Tampere/Finland

Santa Clara, CA, April 2, 2020 – Coherent, Inc. has expanded its fiber laser operation in Tampere, Finland, and designated the facility as a “Center of Excellence for Fiber Lasers”. Fiber lasers themselves have been produced at this location since 2003. Now, in order to further streamline the production flow, Coherent will combine stand-alone fiber laser source assembly and testing at the same site with the manufacture of fiber laser components, laser engines, and combiners. This Center of Excellence for Fiber Lasers will become the source for all Coherent HighLight™ fiber lasers series, comprising industrial high-power fiber lasers with output powers ranging from 1,000 W to 10,000 W and a wide range of beam qualities – including single-mode, multi-mode, and adjustable ring mode – delivering superior results in a variety of challenging welding tasks. Coherent shall place particular focus on a new generation of lasers that offer additional benefits, such as full range of adjustable output powers (from 1 to 100% of rated power) and dual beam, ring mode, with truly independent center beam and ring beam power control.

This Center of Excellence for Fiber Lasers will bring together Coherent’s fiber laser manufacturing and testing expertise into more than 53,000 ft² (5,000 m²) of production floor space, including more than 10,000 ft² (1,000 m²) of cleanroom devoted to fabrication of critical optical components. The location will also house an applications lab featuring the full range of Coherent fiber lasers, industrial welding heads, and related state-of-the-art analysis tools for weld seams. This facility, together with Coherent’s existing global applications network, helps to ensure that customer requirements are rapidly translated into reliable process recipes and superior customer results, no matter such customer’s location.

“The fiber laser business is becoming increasingly competitive, so Coherent is pursuing this expansion to ensure that we deliver high-quality products while also reducing costs,” notes Jarno Kangastupa, the newly appointed Managing Director of the Tampere site. “Specifically, having the entire production process at one location is designed to reduce cycle times and give us better control over quality and reliability. For the customer, the intended benefit is the ability to get high performance, customized, and cost-effective fiber lasers on a shorter timeframe.”


Technical Contact
Jarno Kangastupa
+358 50 3853237
Jarno.Kangastupa@coherent.com

PR Contact
David Kuntz
+1 310 377 5393
davidkuntz@cox.net

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.



Press Release

04/06/2020

For Immediate Release:

Coherent Appoints Andy Mattes as new CEO

SANTA CLARA, Calif., April 6, 2020 /PRNewswire/—Coherent, Inc. (NASDAQ: COHR) and its Board of Directors has named Andreas “Andy” W. Mattes, previously senior advisor at McKinsey & Company and president and chief executive officer of Diebold Nixdorf, as the company’s new President and Chief Executive Officer and a member of the Board of Directors, effective immediately. Today’s appointment follows the announcement a year ago that John R. Ambroseo, PhD will retire from his positions as President and Chief Executive Officer and member of the Board no later than April 2021. John Ambroseo will transition to become a Special Advisor to the company until the end of next year, ensuring a smooth and successful transition. On Andy Mattes’ recommendation, Coherent’s Board of Directors has also appointed Mark Sobey, PhD, a 13-year senior executive of the company, as Coherent’s new Executive Vice President and Chief Operating Officer, effective immediately.

“Following an extensive and thorough search, we are delighted to welcome Andy Mattes as Coherent’s new CEO, ushering in an exciting new chapter of the company’s long and storied history”, said Garry Rogerson, PhD, Coherent’s Chairman of the Board. “Andy is a proven leader and has significant experience running and growing global technology businesses, including hardware, software and services. His strategic experience and leadership skills coupled with Mark Sobey’s deep industry knowledge, supported by our experienced senior staff, provides us with the right executive leadership to drive this next chapter for our business

Garry Rogerson added, “We are extremely grateful for John Ambroseo’s steadfast leadership and commitment to Coherent throughout his three decades at the company. During his tenure as CEO, Coherent became a technology innovator and market leader in the laser industry, and we thank John for all he has done over the past 18 years as CEO to bring us to where we are today. I am looking forward to working closely with Andy Mattes in the years to come.”

Andy Mattes, a US-German national, is an experienced global technology business executive with over 30 years of management experience. He most recently served as a Senior Advisor at McKinsey & Company, where he focused on advising international businesses on high-impact transformations, agile change and positioning companies for growth. Prior to this, Andy Mattes served as President and CEO of publicly traded Diebold Nixdorf, a multinational financial and retail technology company. Under his leadership, Diebold Nixdorf became the largest ATM provider worldwide, through a re-shifting of the company’s focus to services and software along with the successful execution of one of the largest US-German cross-border corporate mergers. Prior to this, he spent more than five years in executive leadership positions at Hewlett Packard, including leading worldwide sales and running the Americas enterprise services business, and over 20 years at Siemens AG. He has also served on numerous boards of private and public technology companies over the past 20 years.

“I am honored to have the opportunity to lead this exceptional company and am confident that we will reemerge stronger when markets return back to normal,” said Andy Mattes. “Together with Coherent’s management team, I will be focused first and foremost on ensuring the safety and well-being of our employees and reinforcing the company’s strong balance sheet. Longer-term, I look forward to working closely with the Board and management to build upon the leading position Coherent has in the industry and to explore additional opportunities for Coherent’s leading-edge technology to drive growth and innovation.”


Director, Global Marketing Communications
Jeff Nolan
+1 (650) 549-4062
Jeffrey.Nolan@coherent.com

Founded in 1966, Coherent Inc. is one of the world’s leading providers of lasers and laser-based technology for scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor’s MidCap 400 Index. For more information about Coherent, visit the company's website at https://www.coherent.com for product and financial updates.