Coherent Corp., a technology company based in Palmer Township, has committed to investing $500,000 towards promoting diversity, equity and inclusion (DEI). The company, which specializes in manufacturing lasers and semiconductor materials, is dedicated to supporting initiatives that encourage entrepreneurship at Historically Black Colleges and Universities (HBCUs) as well as a scholarship program for Black scientists.
Coherent has allocated $375,000 of its funds to support academic programs at HBCUs and Minority Institutions aimed at training African Americans and other minorities to become future leaders and entrepreneurs. This financial assistance will be provided to the Leadership Needed Foundation. Additionally, $125,000 has been set aside 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 CEO Dr. Vincent Mattera Jr., emphasized the importance of developing talent and providing opportunities for young individuals interested in discovery and innovation. He said that “potential is universal but resources are not.” By supporting initiatives like those at HBCUs, he believes that it is crucial in unlocking the full potential of talented individuals.
Headquartered in Saxonburg Pennsylvania near Pittsburgh, Coherent 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.