Santa Barbara, CA, August 16, 2010
Veeco Instruments has revealed the completion of the sale of its metrology business unit to Bruker, provider of high-performance solutions and scientific instruments for molecular and materials research for $229 million in cash. The transaction has been approved by the Board of Directors of both companies and is expected to close in the fourth quarter of 2010, pending regulatory review and subject to customary closing conditions.
The sale will transfer Veeco's worldwide metrology business to Bruker, including Veeco's Atomic Force Microscope (AFM) business in Santa Barbara, CA and its Optical Industrial Metrology (OIM) business in Tucson, AZ, as well as Veeco's associated global AFM/OIM field sales and support organization. Bruker intends to combine Veeco Metrology with its global Bruker Nano instruments business, which currently sells a range of systems and analytical solutions for materials and nanotechnology research.
John R. Peeler, Veeco’s CEO, commented: “Following the sale of Metrology, Veeco expects to benefit from greater focus on and investment in our LED & Solar and Data Storage Process Equipment businesses. We believe the sale of Metrology will allow us to accelerate our progress developing new products, gaining share, and aligning with key customers in markets with large growth opportunities, including several “clean tech” markets.
Veeco will account for the Metrology business segment as a "discontinued operation" effective August 15, 2010. The company expects 2010 revenues from continuing operations to reach approximately US$1 billion, about 90% of which will be from the LED and solar business segments.