II-VI Incorporated Inaugurates Technology and R&D Center in Shanghai

Rhea-AI Summary

II-VI Incorporated (Nasdaq: IIVI) inaugurated its largest technology and R&D Center in Shanghai, China, marking a significant milestone during its 50th anniversary. The facility will support nearly 600 employees, focusing on developing advanced optical components and solutions for markets like Cloud, 5G, and life sciences. The inauguration follows the company's expansion of silicon carbide manufacturing in China, highlighting its strategic commitment to the electric vehicle market. II-VI also joined prominent U.S.-China relations organizations to enhance its operational ties in the region.

Positive

• Inauguration of the largest technology and R&D Center in Shanghai, enhancing II-VI's global innovation capabilities.
• Expansion of silicon carbide manufacturing in China to target the electric vehicle market.
• Strategic partnerships with organizations like NCUSCR and USCBC, indicating a commitment to operational growth in China.

Negative

• None.

PITTSBURGH, April 23, 2021 (GLOBE NEWSWIRE) -- II‐VI Incorporated (Nasdaq: IIVI), a global leader in engineered materials and optoelectronic components, today inaugurated the II-VI Technology and R&D Center in Shanghai, China. A grand opening ceremony was held with speakers, live entertainment, and facility tours.

The Center is II-VI’s largest technology and R&D hub, with nearly 600 employees. The Center will leverage its broad base of talent, including its senior scientists and engineers, to be a world leader in technology and product development, designing the most advanced optical components, subassemblies, and systems, and enabling customers around the world to serve rapidly growing new markets. These leading-edge innovations will unlock the further potential of the Cloud and 5G networks; integrated solutions for life sciences, including in biotechnology, medical, and scientific applications; and high-power lasers for materials processing and additive manufacturing.

“We are proud of this milestone event, which happily is taking place during our company’s 50th anniversary year and so it gives us another reason to celebrate,” said Dr. Vincent D. Mattera, Jr., CEO of II-VI Incorporated. “The Technology and R&D Center in Shanghai will be a jewel in the crown for II-VI’s worldwide innovation initiatives, focusing on key mega market trends where II-VI will continue to have a significant impact.”

The Center’s inauguration comes on the heels of II-VI’s announcement that it expanded its silicon carbide manufacturing footprint to China to serve the largest worldwide market for electric vehicles. II-VI maintains a large manufacturing operations and product development presence in China in the cities of Fuzhou, Guangzhou, Shanghai, Shenzhen, Suzhou, and Wuxi, where more than half of II-VI’s 22,000 employees are located.

As part of its long-term commitment to its customers and operations in China, II-VI has become a member of the National Committee on U.S.-China Relations (NCUSCR) and the U.S.-China Business Council (USCBC). The NCUSCR (ncuscr.org) is a nonprofit educational organization that encourages understanding of China and the United States through ongoing public education, face-to-face contact, and exchange of ideas. The USCBC’s (uschina.org) mission is to expand the U.S.-China commercial relationship to the benefit of its membership and, more broadly, the U.S. economy. In order to contribute to the world, II-VI recently became a member of the World Economic Forum (weforum.org) where we will focus our contributions on the advanced manufacturing and production platform, including technology adoption, workforce development, while driving the formation of resilient supply chains.

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, materials processing, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.

CONTACT:		Mark Lourie
		Vice President, Corporate Communications
		corporate.communications@ii-vi.com
		www.ii-vi.com/contact-us

FAQ

What is the significance of II-VI's new R&D Center in Shanghai?

The R&D Center is II-VI's largest facility, aimed at advancing technology in optical components and supporting key markets like Cloud and 5G.

How many employees will work at II-VI's Shanghai R&D Center?

The Shanghai R&D Center will house nearly 600 employees.

What recent expansion did II-VI announce related to manufacturing?

II-VI announced the expansion of its silicon carbide manufacturing footprint in China, focusing on the electric vehicle market.

What anniversary is II-VI celebrating with the opening of the Shanghai Center?

II-VI is celebrating its 50th anniversary.

What organizations has II-VI joined to enhance its operations in China?

II-VI has become a member of the National Committee on U.S.-China Relations and the U.S.-China Business Council.