Coherent to Market Lambda Physik IPO

Coherent Inc. (Santa Clara, CA) has announced intentions to sell shares in its Lambda Physik AG subsidiary through an initial public offering (IPO) on Germany's Neuer Markt (New Market). Coherent currently owns 80% of the manufacturer of high-power pulsed ultraviolet (UV) and tunable laser sources. This stake will drop to 60% following the IPO.

Sep 25th, 2000

Coherent Inc. (Santa Clara, CA) has announced intentions to sell shares in its Lambda Physik AG subsidiary through an initial public offering (IPO) on Germany's Neuer Markt (New Market). Coherent currently owns 80% of the manufacturer of high-power pulsed ultraviolet (UV) and tunable laser sources. This stake will drop to 60% following the IPO.

According to Peter Schuman, Coherent's director of investor relations, trading was to commence Sept. 21. Proceeds from the stock offering will be used to invest in new technology development, expansion, and the addition of personnel for the growing deep UV lithography part of Lambda's business.

The IPO follows a strong quarter for Coherent, where sales and net income were $149.4 million and $9.9 million respectively. In the third fiscal quarter ended July 1, 2000, bookings also rose across all business segments compared to the same period in the prior fiscal year. Electro-optical bookings rose 49% to $87 million, and medical bookings grew 36% to $59.1 million. Lambda bookings rose almost 92% to $34.6 million. According to Bernard Couillaud, Coherent president and CEO, Lambda's lithography bookings alone were roughly $40 million for the nine-month fiscal period. This is more than 100% higher than for all of fiscal 1999.--Paula Noaker Powell

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