Coherent Corp. (COHR), a global company in photonics, Friday announced an agreement to sell its materials processing tools division to Bystronic, an international provider of sheet metal processing technology.
The sale proceeds are anticipated to immediately increase earnings per share and will be utilized to pay down debt.
Based close to Munich, Germany, the division makes about $100 million in sales a year and has about 400 employees. According to Coherent, the action is consistent with its plan to concentrate on its core growth markets and product lines.
Under normal circumstances, the deal is anticipated to close in early 2026.
COHR is currently trading at $133.35, up $0.64 or 0.48 percent on the New York Stock Exchange.
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