Elec-Tech Places Order for Multiple MaxBright MOCVD Systems
May 17, 2011
PLAINVIEW, N.Y., May 17, 2011 (BUSINESS WIRE) --
Veeco Instruments Inc. (Nasdaq: VECO) today announced that Elec-Tech International has placed a multi-unit order for Veeco's recently released TurboDisc(R) MaxBright(TM) MOCVD System for production of high-brightness light-emitting diodes (HB LEDs) at their facility in Wuhu, China.
Tony Wang, Chairman of Elec-Tech commented, "As we have previously stated, our goal is to become one of the top three LED companies by output and sales revenue in China within two years, and we have an aggressive plan to achieve this goal. By adding Veeco's new multi-chamber MaxBright, we expect to be able to compete in a very high-production environment and drive down the cost of LEDs. We are excited by what we have seen with MaxBright in terms of its cost-of-ownership model, ease-of-use, and the great footprint advantage it will offer us in our fab."
Mr. Wang added, "When we selected Veeco last year as our primary equipment supplier, it was not just because of the success of the K465i, but also because of the roadmap they shared with us on the new multi-reactor MaxBright system. Also, Veeco's service and support has been excellent, so we have a lot of confidence giving them these additional orders for our capacity ramp."
William J. Miller, Executive Vice President, Veeco LED & Solar added, "Elec-Tech is moving fast to ramp capacity and gain share in the LED market. We are pleased to be able to support this ramp with our latest generation MaxBright product."
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. Further information on Elec-Tech is available at http://www.electech.com.cn/en/index.aspx .
Veeco makes equipment to develop and manufacture LEDs, solar panels, hard disk drives and other devices. We support our customers through product development, manufacturing, sales and service sites in the U.S., Korea, Taiwan, China, Singapore, Japan, Europe and other locations. Please visit us at 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, 2010 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