Coherent Corp., a technology company with a factory in Palmer Township, has pledged $500,000 to support diversity, equity, and inclusion (DEI) efforts. The company, known for producing lasers and semiconductor materials, is partnering with a foundation that focuses on promoting entrepreneurship within Historically Black Colleges and Universities (HBCUs) and will also contribute to a scholarship program for Black scientists.
With $375,000 allocated to support academic programs at HBCUs and Minority Institutions, Coherent aims to prepare African Americans and other minorities to become future leaders and entrepreneurs. This support will encompass funding, equipment, and materials provided to the Leadership Needed Foundation. An additional $125,000 will go towards the Optica Foundation Amplify Scholarship for Black scientists, increasing the scholarship awards to $10,000 from the current $7,500.
Coherent’s Chairman and Chief Executive, Dr. Vincent Mattera Jr., emphasized the importance of nurturing talent and providing resources to individuals with potential from all backgrounds. He highlighted the privilege he has felt in helping develop talent and stressed the significance of creating opportunities for young people passionate about exploration and innovation. Mattera shared these sentiments at an event held in Atlanta on April 19.
Headquartered in Saxonburg, Pennsylvania, near Pittsburgh, Coherent is listed on the New York Stock Exchange under the ticker symbol COHR. With a closing price of $55.06 on Friday, the company holds a market capitalization of $8.36 billion. Over the past 52 weeks, Coherent’s shares have traded between a high of $67.94 and a low of $26.29.