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Veeco Instruments and FEI announce mutual termination of merger agreement due to difficult overall market and economic conditions
January 9, 2003
WOODBURY, N.Y. and HILLSBORO, Ore. -- Veeco Instruments Inc. (Nasdaq: VECO - News) and FEI Company (Nasdaq: FEIC - News) jointly announced today that they have mutually terminated the merger agreement that they entered into on July 11, 2002. Veeco and FEI have determined not to proceed with the merger due to the difficult overall market and economic conditions, and the uncertain timing of an industry recovery. Neither party will pay the other any termination fees or expenses. "Veeco will continue to be a leading supplier of Metrology and Process Equipment serving long-term growth opportunities in our core markets - semiconductor, data storage, wireless and scientific research," commented Ed Braun, Chairman, CEO and President of Veeco Instruments Inc. "We will focus on maximizing our 2003 performance." Veeco expects to meet or exceed the guidance for its fourth quarter provided on October 28, 2002. FEI expects to meet or exceed the guidance for its fourth quarter provided in its October 28, 2002 earnings press release. "FEI will continue to build on its strong leadership in 3D metrology for structural process management and nanofabrication," said FEI Chairman and CEO, Vahe Sarkissian. "Creating value-added solutions for our customers in key nanotechnology markets has provided FEI growth in upturns and buoyancy in downturns. We remain focused on continuing to build our business in 2003 and beyond," added Sarkissian. Veeco Instruments Inc. FEI Company
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