Home > Press > Veeco Completes Purchase of Manufacturing Technology Inc.
Veeco Instruments Inc. today announced that it has completed the acquisition of Manufacturing Technology Inc., a privately held manufacturer of slicing and dicing equipment for the data storage industry, for $9.5 million in cash.
Veeco Completes Purchase of Manufacturing Technology Inc. - Creates Integrated Data Storage ''Slider Process Equipment'' Division
Woodbury, NY, Oct. 12, 2004
Veeco Instruments Inc. (Nasdaq:VECO) today announced that it has completed the acquisition of Manufacturing Technology Inc. (MTI), a privately held manufacturer of slicing and dicing equipment for the data storage industry, for $9.5 million in cash. MTI is based in Ventura, California and forecasts its 2004 revenues to be approximately $10 million. In connection with the acquisition, Veeco hired approximately 70 of MTI's employees.
With this acquisition, Veeco has created an integrated "Slider Process Equipment" division consisting of MTI (slicing and dicing) and Aii, its precision lapping and automation business. Veeco's product line now includes all of the critical slider manufacturing steps controlling fly height for next generation thin film magnetic heads.
Edward H. Braun, Chairman and CEO of Veeco, commented, "The acquisition of MTI complements our broad line of solutions for the data storage industry. Slicing is another key process step in the manufacture of thin film magnetic heads, and MTI has leading technology and the industry's largest installed base of over 500 systems worldwide. As the data storage industry's largest process equipment and metrology supplier, we are ideally positioned to benefit from the emerging growth of next generation consumer electronic products with embedded storage. Hard drive growth rates forecasted for consumer applications will increase the industry trend toward smaller form factors and advanced tool requirements for slider fabrication."
Veeco's data storage products include ion beam etch, ion beam deposition, physical vapor deposition and a family of metrology products including optical profilers and atomic force microscopes. In November 2003, Veeco completed the acquisition of Advanced Imaging Inc. (Aii), which added lapping technology to Veeco's portfolio. Now, with MTI, Veeco will offer a complete end-to-end slider solution, furthering its strategy to provide "one stop shopping" solutions to the data storage industry.
Veeco Instruments Inc. provides solutions for nanoscale applications in the worldwide semiconductor, data storage, telecommunications/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, 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 www.veeco.com.
MTI is a leading supplier of advanced slicing and dicing systems for the manufacture of advanced GMR heads, selling to the world's leading hard disk drive suppliers. MTI has an installed base of over 500 systems worldwide. Key MTI products include the MSS-816 Gang Slicing System, a state-of-the-art, highly accurate and reliable slicing machine, and the NSS-612 and NSX-250 slicing machines. Additional information on MTI can be found at www.mtionline.com.
To the extent that this news release discusses expectations about market conditions or about market acceptance and future sales of Veeco's products, 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 telecommunications/wireless, data storage, semiconductor and research markets, risks associated with 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.
Marketing Communications Manager
Veeco Instruments Inc.
112 Robin Hill Road
Santa Barbara, CA 93117
T: 805-967-2700, ext.2295
Copyright © Veeco
If you have a comment, please
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015
Arrowhead to Present at 2015 Barclays Global Healthcare Conference March 4th, 2015
Arrowhead to Present at 2015 RBC Capital Markets' Global Healthcare Conference February 17th, 2015
Iran 1st among Islamic Nations in Scientific Production, Nanotechnology February 16th, 2015
State-of-the-art online system unveiled to pinpoint metrology software accuracy March 27th, 2015
SUNY POLY CNSE to Host First Ever Northeast Semi Supply Conference (NESCO) Conference Will Connect New and Emerging Innovators in the Northeastern US and Canada with Industry Leaders and Strategic Investors to Discuss Future Growth Opportunities in NYS March 25th, 2015
NXP and GLOBALFOUNDRIES Announce Production of 40nm Embedded Non-Volatile Memory Technology: Co-developed technology to leverage GLOBALFOUNDRIES 40nm process technology platform March 24th, 2015
Building shape inspires new material discovery March 24th, 2015
A first glimpse inside a macroscopic quantum state March 28th, 2015
DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015
Designer's toolkit for dynamic DNA nanomachines: Arm-waving nanorobot signals new flexibility in DNA origami March 27th, 2015
Using magnetic fields to understand high-temperature superconductivity: Los Alamos explores experimental path to potential 'next theory of superconductivity' March 27th, 2015