Saxonburg-based II-VI doubles revenue
An international company headquartered in Saxonburg reported Monday that it doubled its revenue in the most recent quarter that ended Dec. 31 2019.
But an outbreak of the coronavirus in China is expected to hurt the company’s earnings for the next quarter.
The manufacturing company, which develops products in the industrial, optical communication, aerospace and other industries, reported a revenue of $666.3 million for the quarter, up from $342.9 million for the same period in 2018.
II-VI CEO Chuck Mattera noted that one-third of the company's Chinese workforce returned Monday after a prolonged Chinese Lunar New Year, and they were expecting full production by mid-March when all employees return.
The Chinese Lunar New Year started Jan. 25, and most II-VI employees took off for the holiday. The workers were expected to return Jan. 31, but after the outbreak of the coronavirus, Chinese government authorities extended time off to Feb. 10.
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