Veeco Instruments Inc. has signed a definitive merger agreement with Applied Epi, Inc.

September 7, 2001

1 Min Read

WOODBURY, N.Y. -- Veeco Instruments Inc. (NASDAQ: VECO) today announced that it has signed a definitive merger agreement with Applied Epi, Inc., the world's leading supplier of molecular beam epitaxy (MBE) equipment used in the manufacture of high-speed compound semiconductor devices for telecommunications, optoelectronic and wireless markets. Applied Epi has a 15-year history of providing critical MBE deposition material sources, and now produces research and production deposition systems capable of growing high purity epitaxial layers for compound III-V semiconductor devices. Founded in 1986 and located in St. Paul, Minnesota, Applied Epi is a profitable, privately held company with year 2000 revenues of $25 million, and forecasted 2001 revenues of approximately $50 million. Their product leadership is demonstrated by their large installed base of MBE equipment (>5000 deposition cells and 200 research/production systems). The merger consideration consists of approximately 4 million shares of Veeco common stock and $30 million in cash. The merger is subject to certain conditions, including regulatory approval, and is expected to close by the end of September. The merger will be accounted for using the purchase method of accounting.Veeco Instruments Inc.

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