SAXONBURG, Pa.- A semiconductor and laser manufacturer with a presence in the Lehigh Valley is making moves on Wall Street.
Coherent Corporation will join the S&P 500 index, effective Monday, March 23.
The index tracks the performance of 500 of the largest publicly traded companies in the U.S. It’s viewed by investors as a barometer of the overall economy.
Other companies on the S&P 500 include Apple, Air Products, Amazon, Broadcom, Eli Lilly and PPL Corporation.
“Joining the S&P 500 is a testament to the strength of our team, the power of our technology portfolio, and the trust our customers have placed in us,” said Coherent CEO Jim Anderson, in a news release.
“As optical interconnects and photonic solutions become foundational to scaling next-generation AI data center infrastructure, Coherent is uniquely positioned to drive innovation and deliver enhanced value to our shareholders.”
Earlier this month, Coherent announced a $2 billion investment from AI chip-designer and tech giant NVIDIA. The money will support research and development, future capacity, and operations as Coherent builds out its U.S.-based manufacturing capabilities, Coherent said.
Founded in 1971, Coherent’s global headquarters are in Saxonburg, in Butler County, Pa., near Pittsburgh. The company went public in 1987 and transferred its stock from the Nasdaq Stock Market to the New York Stock Exchange (NYSE) in 2023.
Coherent, formerly known as II-VI Inc., operates in more than 20 countries. It has several manufacturing sites in the U.S., including one in Palmer Township, Northampton County.
In early 2025, during then-President Joe Biden’s last days in office, the U.S. Department of Commerce announced a preliminary agreement to give $79 million to the manufacturing facility under the CHIPS and Science Act. The money was earmarked for an expansion that would create 320 manufacturing jobs.
It’s unknown what the status of the funding is today; 69 News reached out to Coherent and the Department of Commerce multiple times; phone calls and emails were not returned.
Coherent shares (NYSE: COHR) were up more than 7% in early trading on Tuesday. The current price- $270.21- is near the top of their 52-week range. The company has a market capitalization of $47.3 billion.