Veeco Opens New Customer Support & Training Center in Shanghai
May 09, 2011
PLAINVIEW, N.Y. & SHANGHAI, May 09, 2011 (BUSINESS WIRE) -- As part of its significant expansion in Asia announced last Fall, Veeco Instruments Inc. (NASDAQ: VECO), today officially opened its new China Training Center (CTC) in Shanghai in order to better support the rapid growth of the LED industry and the needs of its customers. The official grand opening featured the attendance of many honored guests, including several of Veeco's key Chinese LED customers and important local government officials.
At the ribbon-cutting ceremony, John R. Peeler, Veeco's Chief Executive Officer, commented, "China is making an enormous investment to become a world leading manufacturer of LED, both for its own domestic consumption and to export. In fact, China has stated targets to convert 30% of the domestic lighting market to LEDs by 2015. China represented nearly 30% of Veeco's 2010 revenue, or $267 million, up from $30 million in 2009, and Chinese companies will potentially represent over half of our $1 billion-plus revenue forecasted for 2011. We shipped MOCVD tools to 20 customers last year, including existing LED manufacturers, joint venture companies as well as some new start-up enterprises. We are excited to be opening our new Shanghai customer training and support center to support this explosive growth and strengthen our leadership position in China."
Peter Collingwood, Veeco's Senior Vice President, Sales & Service, added, "Many of our customers are building or significantly expanding factories, often in new "LED/green energy" parks. Our training center in Shanghai was therefore developed specifically to help our Chinese customers "go faster' to ramp production of LEDs."
The CTC site, about 1700 square meters in size and housing approximately 40 Veeco employees, is equipped with three classrooms as well as Veeco's market leading TurboDisc(R) K465i(TM) MOCVD system. Training will include TurboDisc MOCVD system introduction, epitaxial process characterization, and more advanced hands-on training classes in hardware maintenance and trouble-shooting.
Justin Wang, General Manager, Veeco Greater China region, added, "This training center is the first of its kind to be established for the LED industry in China. Our goal is to train hundreds of engineers to use our MOCVD tools in the next 12 months."
According to Mr. Peeler, "Veeco will invest over $30 million in 2011 to dramatically expand its Asia footprint to help customers continue to accelerate the pace of adoption of LEDs for consumer electronics and solid-state lighting, including additional new R&D/demo and process support sites in Hsinchu, Taiwan (opening in August) and Seoul, Korea (opening early 2012)."
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 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
Sr. Director, Marketing Communications
Enez See Toh, +65-9436-6667
MarCom Manager, Asia