Coherent Corp., a technology company with a factory located in Palmer Township, has decided to allocate $500,000 towards the promotion of diversity, equity, and inclusion (DEI). The company, 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.
The Leadership Needed Foundation will receive a total of $375,000 to foster academic programs at HBCUs and Minority Institutions that aim to train African Americans and other minorities to become future leaders and entrepreneurs. 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., 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. According to him, 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 with a market capitalization of $8.36 billion as of the latest market close. Over the past 52 weeks