Veeco Instruments Inc. (ticker: VECO, exchange: NASDAQ Global Market (.O))
News Release -
Elec-Tech Selects Veeco MOCVD as "Tool of Choice" for Two New China LED Factories
PLAINVIEW, N.Y., Aug 12, 2010 (BUSINESS WIRE) --
Veeco Instruments Inc. (Nasdaq: VECO) announced today that Elec-Tech
International has selected its TurboDisc(R)
K465i Metal Organic Chemical Vapor Deposition (MOCVD) systems as
their "tool of choice" for two new LED factories in Wuhu and Yangzhou,
China. In August Veeco booked the initial systems from a large
multi-tool purchase order from Elec-Tech's LED subsidiary, Elec-Tech
Optoelectronic Technology (Wuhu) Co., Ltd.
Tony Wang, Chairman of Elec-Tech commented, "Our Board of Directors has
approved our plan to purchase 130 MOCVD tools to ramp production
capacity at our two LED factories. Our goal is to become one of the top
three LED companies by output and sales revenue in China within two
years, focusing primarily on the general lighting and BLU market, but on
other applications as well."
Mr. Wang continued, "After a thorough evaluation of the available MOCVD
products, we selected Veeco as our preferred and primary supplier for
the vast majority of the 130 MOCVD systems we will be installing at our
new factories. We believe that Veeco's MOCVD systems have low
cost-of-ownership and proven high productivity, and will help us to
achieve success in the LED market."
Bill Miller, Ph.D., Executive Vice President, General Manager of Veeco's
MOCVD Operations, commented, "We are extremely pleased that Elec-Tech
has chosen Veeco for their production requirements as they build out
their aggressive plans in China. We look forward to supporting this
important new customer with our best-in-class systems and world-class
applications process support."
Elec-Tech International is a Shenzhen-listed electronics company that
has signed a joint venture cooperative agreement with South Korean firm
EpiValley to jointly develop the Chinese LED market.
Veeco Instruments, Inc. designs, manufactures, markets and services
enabling solutions for customers in the HB-LED, solar, data storage,
semiconductor, scientific research and industrial markets. We have
leading technology positions in our three businesses: LED & Solar
Process Equipment, Data Storage Process Equipment, and Metrology
Instruments. Veeco's product development, marketing, engineering and
manufacturing facilities are located in New York, New Jersey,
California, Colorado, Arizona, Massachusetts and Minnesota. Global sales
and service offices are located throughout the U.S., Europe, Japan and
Asia Pacific. http://www.veeco.com
To the extent that this news release discusses expectations or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from the statements
made. These factors include the risks discussed in the Business
Description and Management's Discussion and Analysis sections of Veeco's
Annual Report on Form 10-K for the year ended December 31, 2009 and in
our subsequent quarterly reports on Form 10-Q, current reports on Form
8-K and press releases. Veeco does not undertake any obligation to
update any forward-looking statements to reflect future events or
circumstances after the date of such statements.
SOURCE: Veeco Instruments Inc.
Veeco Instruments Inc.
Debra Wasser, 516-677-0200 x1472
SVP Investor Relations & Corporate Communications
Fran Brennen, 516-677-0200 x1222
Senior Director Marcom