II-VI bets a billion dollars on SiC

August 10, 2021 // By Nick Flaherty
II-VI bets a billion dollars on SiC
II-VI expects its silicon carbide SiC business to grow at twice the rate of the company as it reports record revenues and a billion dollar investment in the technology

Materials and optoelectronics specialist II-VI has topped $3bn in revenue in the last year and plans to spend $1bn on its new silicon carbide (SiC) business over the next ten years.

A key part of that SiC business is Swedish wafer maker Ascatron where the supply of SiC wafers is a key factor. II-VI also won agreement to acquire optoelectronics company Coherent during the year after a bruising battle with Lumentum.

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“We ended fiscal year 2021 with $3.1bn in revenue, growing in every end market that we serve,” said Dr. Vincent D. Mattera, Jr, Chief Executive Officer.

“Our full year book to bill ratio was 1.08 and our June 30th backlog was $1.3bn, a new record for II-VI. Our fourth quarter revenue at $808m exceeded the top end of our guidance with a book to bill ratio of 1.14 for the quarter. In communications, our revenue for the full year was up 11 percent driven by high speed 100, 200, 400G datacom transceivers and coherent optics. In consumer electronics, including 3D sensing, we achieved our goal for FY21 to double our revenue. Our life sciences revenue grew by 65 percent over the prior year in support of Covid and other diagnostic testing.”

As a result the company expects revenue up to $830m in the next quarte with plans to spend $20m on SiC production. This is part of   

“Our revenue in the industrial end market reached an all-time record for the quarter with contributions from across the product line. We continue to invest in manufacturing capacity for our silicon carbide platform, a disruptive technology in future RF and power electronics applications,” he said. “Our teams are working diligently to mitigate the impact of the pandemic and chip shortages in the supply chain.

“With respect to our pending acquisition of Coherent, our regulatory filings have been submitted and we are having constructive engagements with all regulatory agencies. Based on those engagements, our current view is that the closing will be during the first calendar quarter of 2022.”

www.II-VI.com

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