Coherent up after announcing sale of UK manufacturing facility

Coherent

27/09/2024 14:27

** Shares of laser and optical devices maker Coherent
 COHR.N  up 1.9% at $94.17 premarket
    ** COHR announces sale of its UK manufacturing facility
following strategic review
    ** The British government has bought the struggling factory
from COHR; says plant in Newton Aycliffe in northern England was
the only secure domestic manufacturer of certain semiconductors
used in military technology
    ** "Divesting the Newton Aycliffe plant is part of our
effort to optimize our portfolio and streamline our operations,"
said Coherent CEO Jim Anderson
    ** Up to last close, stock had more than doubled this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))