Coherent Corp., a technology company located in Palmer Township, has decided to allocate $500,000 towards promoting diversity, equity, and inclusion (DEI). The company, which is known for manufacturing lasers and semiconductor materials, aims to support a foundation that encourages entrepreneurship at Historically Black Colleges and Universities (HBCUs) as well as a scholarship program for Black scientists.
As part of its DEI initiative, Coherent will dedicate $375,000 towards fostering academic programs at HBCUs and Minority Institutions. This financial support will be given to the Leadership Needed Foundation and will include money, equipment, and materials. Additionally, $125,000 has been set aside for the Optica Foundation Amplify Scholarship for Black scientists. 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., 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. It 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 $55.68 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