–Jeff Ward, Lehigh Valley News Briefs
Poet Technologies, a Toronto-based maker of optical technology, will close its Lehigh County office by March 31, 2025, saving about $2 million annually.
Costs to close the office will be about $250,000, according to the company, with annual savings to follow of $1.8 million to $2.2 million.
Some of the office’s operations will be transferred to China, and others to Singapore, according to a company statement. Poet makes optical interposers, which it describes as devices that help electronic and optical devices communicate at high speed. The company says its products can be used in data centers, telecommunications and other industries.
Poet is traded on the NASDAQ market under the ticket symbol POET. The closing price Thursday was $3.09, giving the company a market capitalization of $203 million.
Poet’s local office is in South Whitehall Township, near Allentown.
Poet Technologies statement:
Lehigh Valley News Briefs 