Coherent Corp., a leading technology company based in Palmer Township, has announced a $500,000 investment in promoting diversity, equity, and inclusion (DEI) initiatives. The company, which specializes in manufacturing lasers and semiconductor materials, aims to support a foundation that fosters entrepreneurship at Historically Black Colleges and Universities (HBCUs) as well as a scholarship program for Black scientists.
As part of this initiative, Coherent has set aside $375,000 to support academic programs at HBCUs and Minority Institutions that aim to train African Americans and other minorities to become future leaders and entrepreneurs. This financial support will be given to the Leadership Needed Foundation. Additionally, Coherent has also set aside $125,000 for the Optica Foundation Amplify Scholarship for Black scientists, which has previously awarded scholarships to 35 science and engineering students from 21 countries. With Coherent’s contribution, the scholarship awards will increase from $7,500 to $10,000.
During an event in Atlanta, Coherent’s Chairman and Chief Executive Dr. Vincent Mattera Jr expressed his belief that “potential is universal but resources are not”. He emphasized the importance of developing talent and providing opportunities for young individuals interested in discovery and innovation. He stated that supporting initiatives like those at HBCUs is crucial in unlocking the full potential of talented individuals.
Coherent is headquartered in Saxonburg Pennsylvania near Pittsburgh and is a publicly traded company listed on the New York Stock Exchange under the ticker symbol COHR. As of the latest market close its shares were valued at $55.06 resulting in a market capitalization of $8.36 billion. Over the past 52 weeks Coherent’s share prices have fluctuated between a high of $67.94 and a low of $26.29.
In conclusion, Coherent Corp.’s investment in DEI initiatives shows their commitment towards building an inclusive workplace culture where everyone feels valued and respected regardless of their background or race.