Mitsubishi electric to invest in coherent's new sic business

Tokyo--(business wire)--mitsubishi electric corporation (tokyo: 6503) announced today that it has agreed with coherent corp. (nyse: cohr) to invest usd 500 million (approx. 75 billion yen ) in a new silicon carbide (sic) business to be carved out from coherent, aiming to expand its sic power device business by strengthening vertical collaboration with coherent, who has been a supplier of sic substrates to mitsubishi electric. the electric vehicle market is expanding worldwide and is one of seve.
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