Saxonburg-based II-VI acquires California company, changes name
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A Butler County company with Roman numerals for a name is putting to rest its link to the periodic table of elements in conjunction with its acquisition of a California firm that II-VI Inc. says holds the promise to boost its hold in the materials, networking and laser markets.
II-VI Inc., which is involved in the optics, electronics and laser markets, announced Friday it is merging with Coherent Inc. of Santa Clara, Calif., in a deal that the Saxonburg-based firm says will enhance the scope of its business, from materials to components, systems and service. Under terms of the merger, Coherent common stock holders can get $220 in cash for each stock they hold and 0.91 of a share of II-VI common stock.
Earlier this week, the companies said that the acquisition cleared all government regulatory reviews, including China’s antitrust reviews.
II-VI, a global company with 22,000 employees worldwide at 72 locations in 18 countries, generated $3.1 billion in revenue in fiscal year 2021. The company said its business, at the levels of the value chain where expertise in materials matters, complements Coherent’s scale where laser systems are employed.
II-VI did not say if the merger would have any impact on employment at the company’s headquarters.
With the merger, II-VI will drop its Roman numerals and take the Coherent name for the combined business enterprise, said Vincent D. Mattera Jr., chief executive of II-VI.
II-VI, which was founded in 1971, refers to the II group of elements in the periodic table of elements and VI group of elements, according to the company’s website. By chemically combining elements of the two groups, the company makes four infrared optical crystalline compounds. These compounds and others created from group II and group VI elements are commonly referred to as “II-VI Materials.” In naming the firm, the company said that co-founder Carl J. Johnson paid homage to the II-VI Materials heritage by naming the corporation II-VI.