Coherent Corp. (NYSE:COHR) shares are trading lower on Friday following the announcement of the sale of its manufacturing facility in Newton Aycliffe, County Durham, U.K.

This sale is part of the company's strategy to streamline operations and optimize its global footprint.

The 310,000-square-foot facility, located in Aycliffe Business Park, was acquired by the former II VI Incorporated (now Coherent Corp.) in 2017. Macquarie Semiconductor and Technology, a unit of Macquarie Group's Commodities and Global Markets division, served as the transaction consultant, while Taylor Wessing provided legal advice to Coherent.

According to Benzinga Pro, Coherent stock has gained over 183% in the past year.

Also Read: Coherent Analysts Increase Their Forecasts After Upbeat Earnings

Investors can gain exposure to the stock via ProShares Nanotechnology ETF (NYSE:TINY) and Professionally Managed Portfolios Otter Creek Focus Strategy ETF (NYSE:OCFS).

On Thursday, the company announced the launch today of its 200 mm silicon carbide epitaxial wafers (SiC epi-wafers). Shipments of substrate and epi-wafers with thicknesses of 350 microns and 500 microns are now in progress.

Earlier this year, Coherent launched a next-generation high-power laser sensor designed to support the expanding high-power applications market and can reduce measurement times by up to 500%.

COHR Price Action: Coherent shares are trading lower by 2.63% to $89.99 at publication Friday.

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