Veeco Instruments Inc. (Nasdaq: VECO), announced the introduction of its new TurboDisc® "K-series Metal Organic Chemical Vapor Deposition (MOCVD) gallium nitride (GaN) platform for the production of high-brightness light-emitting diodes (HB-LEDs). The Company received orders for five new systems from three leading manufacturers of HB-LEDs totaling approximately $10 million.
Veeco's new TurboDisc "K-series MOCVD platform includes the K300 and K465 models, offering a modular, upgradeable path to higher throughput, larger diameter reactor chamber and reduced cost of ownership. The K465 features Veeco's most advanced reactor technology, offering approximately 50% greater throughput compared to currently available competitive MOCVD production tools.
Edward H. Braun, Chairman and CEO of Veeco, commented, "Veeco's new multi-generational platform and larger reactor capability will give our HB-LED customers a long-term cost of ownership advantage plus the technology to achieve their LED brightness roadmap objectives. We continue to anticipate strong Veeco growth in this market as HB-LED's experience adoption in applications such as automotive, architectural lighting and backlighting for laptops and LCD-TVs. Veeco will continue to partner with our customers to deliver innovative technology solutions and world-class process and applications support as the industry advances towards solid state lighting.
Piero Sferlazzo, Vice President, General Manager of Veeco's MOCVD operations, commented, "Our new modular system, which is extendable to larger reactors, is the only platform capable of continuous operation available on the market today. Couple that with the excellent uniformity and repeatability of the TurboDisc technology, our customers now have a true, multi-generational, high volume production MOCVD system to meet their needs today and in the future.
About Veeco
Veeco Instruments Inc. provides solutions for nanoscale applications in the worldwide semiconductor, data storage, HB-LED/wireless and scientific research markets. Our Metrology products are used to measure at the nanoscale and our Process Equipment tools help create nanoscale devices. Veeco's manufacturing and engineering facilities are located in New York, New Jersey, California, Colorado, Arizona and Minnesota. Global sales and service offices are located throughout the United States, Europe, Japan and Asia Pacific. Additional information on Veeco can be found at http://www.veeco.com/.
To the extent that this news release discusses expectations about market condition, market acceptance and future sales of Veeco's products, Veeco's future financial performance, future disclosures, 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 challenges of continuing weakness in end market conditions and the cyclical nature of the semiconductor, data storage, HB-LED wireless and scientific research markets, risks associated with integrating acquired businesses and the acceptance of new products by individual customers and by the marketplace and other factors discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
