Hi Gary,
>>scott.....did you see the news that veco is buying a stake in wyko co.,for 3 million veco shares....what do you know or think of that ??? i haven't had a chance to research yet...of course i will later tonite when i've got the two kids to bed...... were did don fuller go to ?? he is a big veco man , along with carl and yourself.......my intial thoughts are to have trust and confidence in veeco's mgmt.......this is a very interesting day for VECO......looks like vecco is now in the big leagues.........yeah baby......<<
I'm touched that you asked where I went (actually, I went to a medical conference in San Francisco).
Here's the Wyco scoop. Haven't sold a share. I like to sell them when they're overvalued, not when they're fully valued.
Monday March 10 2:04 PM EDT
Veeco Instruments announces it has entered into a letter of intent to
acquire Wyko Corp.
PLAINVIEW, N.Y.--(BUSINESS WIRE)--March 10, 1997-- Veeco Instruments Inc , announced today that it has entered
into a letter of intent to acquire Wyko Corp., of Tucson, Ariz. a leading supplier of optical interferometric measurement
systems for the data storage and semiconductor industries. This addition will extend Veeco's current Surface Metrology
product line to include automated, non-contact optical testing systems.
Wyko designs, develops and manufactures instruments used by leading manufacturers of thin film magnetic heads, hard disks,
semiconductor materials and components, optical components and micro-machined devices. Wyko instruments are used to
improve product yield and product quality by generating precise, consistent quantitative data throughout the manufacturing
cycle. In the manufacturing process for computer hard drives, the Wyko systems produce precise measurements of magnetic
head shape and height, suspension arm height and angle; and disk texture and flatness. Semiconductor manufacturers use
Wyko equipment for measuring flip chips and wafer roughness.
The letter of intent provides that Wyko shareholders would receive 3,000,000 shares of Veeco common stock in the
acquisition, which is intended to be accounted for as a pooling of interests transaction. The consummation of the acquisition is
subject to a number of conditions, including approval of the board of directors and shareholders of both companies, execution
of a mutually satisfactory agreement providing for the acquisition and receipt of all necessary government approvals.
Commenting on the anticipated acquisition of Wyko Corp., Edward Braun, president and chief executive officer of Veeco
said, "The combination of Wyko's non-contact, optical measurement products with the Veeco atomic force microscope,
Dektak surface profiler and laser scatterometer will provide our hard drive and semiconductor customers with a complete
range of measurement technologies for yield improvement and integrated test programs."
Wyko, which is privately held, had unaudited revenues of $18 million and orders of $28 million for the twelve months ended
Dec. 31, 1996. New products introduced in 1997 include an automatic inspection and test system for advanced
microelectronic packaging applications which provides 3D measurement of flip chip solder bumps of 150 microns and below,
and up to 64,000 bumps on a single die. In addition, a new in-line laser inspection system precisely adjusts the static attitude of
disk drive suspension arms and is ideal for next generation miniaturized (pico size) automated thin film head fabrication.
To the extent that this news release discusses expectations about market conditions or about market acceptance and future
sales of the company'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 ability of the parties to complete the transaction, cyclical nature of the semiconductor industry, 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 the company's report on Form 10-K and
Annual Report to Shareholders.
Veeco Instruments Inc. is a worldwide leader in precision ion beam systems and surface metrology equipment for high-growth
microelectronic markets such as thin film magnetic heads and advanced semiconductor devices as well as for a broad range of
industrial applications. Manufacturing and engineering facilities are located in Plainview, and Santa Barbara, Calif. Global sales
and service offices are located throughout the United States, Europe, Japan and Asia Pacific.
CONTACT: Veeco Instruments Inc.
Jack Rein, 516/349-8300 ext. 300
Sounds like an acquisition worth making.
Don |
