November 6, 2003 – Filling out its compound-semiconductor epitaxial deposition offerings, Veeco Instruments, Woodbury, NY, has purchased Emcore Corp.’s, Somerset, NJ, TurboDisc metal-organic chemical vapor deposition (MOCVD) business for $60 million in cash, and an additional $20 million over the next two years if future revenue targets are met.
The deal includes R&D and production systems, and a facility in Somerset, NJ, along with 120 employees. The business has shipped 500 TurboDisc systems worldwide, and earned $51.1 million in revenue for the 12 months ended June 30, 2003, down from $135 in the previous year.
Veeco CEO Edward Braun said the acquisition, which offers inroads to the LED market, will be accretive to the company on a cash basis by 2Q04. Emcore CEO Reuben Richards added that with the sale of its capital equipment business, Emcore will “devote our full attention to the communications sector and our investment in Gelcore,” a JV with GE Lighting in the LED market.