Elec-Tech Selects Veeco MOCVD as "Tool of Choice" for Two New China LED Factories
August 12, 2010
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