On Wednesday, Coherent Corp. (NYSE:COHR) agreed to sell its Aerospace and Defense business to Advent, a private equity investor, for $400 million.
Proceeds will be used to reduce debt and will be immediately accretive to Coherent’s EPS.
Coherent’s Aerospace and Defense designs and manufactures optical and laser systems for defense applications. The business includes approximately 550 employees and 10 geographic sites.
“We are pleased to have reached this agreement with Advent. As part of our strategic portfolio optimization process, this transaction furthers our strategy to concentrate efforts on core growth markets and products,” said Jim Anderson, CEO of Coherent.
The deal is expected to close in the current quarter.
During the earnings …