Coherent Corp. Provides Initial Assessment of Expected Export Restrictions of Gallium and Germanium From China
PITTSBURGH, July 10, 2023 (GLOBE NEWSWIRE) — Coherent Corp. (NYSE: COHR), a global leader in materials, networking, and lasers, today provided its initial assessment of the export restriction of gallium and germanium from China expected to begin on August 1, 2023.
The company believes that the restriction will have minimal to no impact on the company’s sales and prospects due to ample inventories of these materials at both Coherent and its supply chain partners, and the ability to source the materials outside of China. In addition, efficient recycling programs already exist at both Coherent and its supply chain partners.
The company will continue to monitor and assess any changes in the global supply.
Coherent empowers market innovators to define the future through breakthrough technologies, from materials to systems. We deliver innovations that resonate with our customers in diversified applications for the industrial, communications, electronics, and instrumentation markets. Headquartered in Saxonburg, Pennsylvania, Coherent has research and development, manufacturing, sales, service, and distribution facilities worldwide. For more information, please visit us at coherent.com.
This press release contains forward-looking statements relating to future events and expectations, including with respect to our expectations of the impact of pending export restrictions of gallium and germanium from China on our future financial and operational results. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis. The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures.
The Company believes that all forward-looking statements made by it in this press release have a reasonable basis, but there can be no assurance that management’s expectations or beliefs as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include but are not limited to: (i) the failure of any one or more of the assumptions stated herein to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 and additional risk factors that may be identified from time to time in filings of the Company; (iii) the inherent risks of the global supply chain; (iv) changes in government laws or policies; and (v) Company’s ability to devise and execute strategies to respond to market conditions. The Company disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.
Vice President, Corporate Communications