Coherent Corp. had announced a major expansion of its factory, but the loss of the Apple contract had a huge impact

In 2021, Coherent Corp., a materials, network and laser technology company, announced a large-scale expansion of its wafer fab, which was related to its winning of the Apple contract. However, the factory's business was severely affected because Apple stopped orders for components in the Face ID recognition system at the end of fiscal 2023. The factory has issued last-minute purchase notices to other customers and is conducting a strategic review, considering the adoption of potential new technologies or the sale of the business.