Bruker Announces Agreement to Acquire Veeco’s Scanning Probe Microscopy (SPM) & Optical Industrial Metrology (OIM) Scientif...
August 16 2010 - 8:00AM
Business Wire
Bruker Corporation (NASDAQ: BRKR) today announces the signing of
an agreement to acquire the Scanning Probe Microscopy (SPM) and
Optical Industrial Metrology (OIM) instruments business from Veeco
Instruments, Inc. (NASDAQ: VECO) for $229 million in cash. The
transaction has been approved by the Boards of Directors of both
companies and is expected to close during the fourth quarter of
2010, pending regulatory review and subject to customary closing
conditions.
The worldwide SPM and OIM instruments business to be acquired by
Bruker from Veeco consists of the industry leading SPM instruments
business, headquartered in Santa Barbara, California, and leading
OIM product lines developed in Tucson, Arizona, as well as Veeco’s
associated global SPM/OIM field sales and support organization.
The combined SPM and OIM instruments business is forecasted to
contribute revenues of greater than $130 million, and adjusted
operating margins (excluding related acquisition, restructuring,
relocation and non-cash intangible amortization expenses) of
greater than 15% to Bruker in the year 2011. The Veeco SPM and OIM
instruments business in 2009 geographically derived its revenues
approximately 38% from Asia-Pacific, 31% from the Americas, and 31%
from Europe, and in terms of customer type approximately 45% from
applied/industrial customers and 55% from academic/government
customers. Bruker estimates that the acquisition will be two to
four cents accretive to 2011 GAAP EPS, and six to eight cents
accretive to 2011 adjusted EPS.
After the closing of the acquisition, Bruker intends to continue
to operate the SPM and OIM instruments business in California and
Arizona. Bruker expects to retain the vast majority of the present
SPM and OIM business management, operations, research and
development, sales and marketing, as well as global applications
and service personnel, and to integrate the SPM and OIM division’s
international field sales and support staff with Bruker's existing
country sales offices, applications laboratories and service
centers worldwide.
Bruker today offers a broad range of high-performance X-Ray
diffraction, X-Ray fluorescence and X-Ray microanalysis systems, as
well as EDS and EBSD analyzer accessories for electron microscopes
for materials, life-science and nanotechnology research and
analysis. The Veeco SPM and OIM instruments are highly
complementary to Bruker’s products, and the combined product
portfolio is expected to make Bruker a global leader in materials
research and nanotechnology analysis instrumentation.
Frank H. Laukien, Bruker President and CEO, commented: "Veeco’s
SPM and OIM systems fit perfectly into Bruker’s high-performance
scientific instruments strategy, and are highly complementary to
our existing product portfolio. We believe that this acquisition
will expand the total addressable market segments for our materials
and nanotechnology research and analysis systems to over two
billion dollars annually. Moreover, we believe this acquisition
represents an excellent opportunity for Bruker to deploy its strong
balance sheet, and we expect the acquisition to be accretive to
both our GAAP and adjusted EPS in 2011.”
Dr. Laukien continued: “We are very impressed by the recent
turnaround in the Veeco SPM and OIM instruments business, which was
accomplished primarily through significant investment in research
and development, and a drive for operational excellence and margin
improvement. This successful initiative has resulted in an
impressive array of novel, proprietary technologies and innovative,
customer-oriented products in the last two years. We are looking
forward to having the capable SPM and OIM instrument teams in
California, Arizona and in the international field organization
join Bruker after the closing. Most importantly, we are looking
forward to welcoming the customers of the present Veeco SPM and OIM
products to Bruker. We are very committed to providing the highest
level of applications support and technical service, as well as
continued applications and product development to this customer
base."
John Peeler, Chief Executive Officer of Veeco, stated "The
agreement to sell the SPM and OIM instruments division to Bruker
will allow Veeco to focus on further expanding our LED, solar and
data storage Process Equipment businesses. We are pleased that
Bruker, one of the world’s leading scientific instruments
companies, will continue our SPM and OIM instruments businesses
with a strong commitment to customer support and innovation."
About Bruker Corporation
Bruker Corporation is a leading provider of high-performance
scientific instruments and solutions for molecular and materials
research, as well as for industrial and applied analysis. For more
information about Bruker Corporation, please visit
www.bruker.com.
About Veeco
Veeco Instruments Inc. designs, manufactures, markets and
services enabling solutions for customers in the HB-LED, solar,
data storage, semiconductor, scientific research and industrial
markets. We have leading technology positions in our three
businesses: LED & Solar Process Equipment, Data Storage Process
Equipment, and Metrology Instruments. Veeco’s product development,
marketing, engineering and manufacturing facilities are located in
New York, New Jersey, California, Colorado, Arizona, Massachusetts
and Minnesota. Global sales and service offices are located
throughout the U.S., Europe, Japan and Asia Pacific.
http://www.veeco.com/
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describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations, but are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected, including, but not limited to, risks and
uncertainties relating to adverse changes in conditions in the
global economy and volatility in the capital markets, the
integration of businesses we have acquired or may acquire in the
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anticipated benefits from economic stimulus programs, intellectual
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other factors are identified and described in more detail in our
filings with the SEC, including, without limitation, our annual
report on Form 10-K for the year ended December 31, 2009, our most
recent quarterly reports on Form 10-Q and our current reports on
Form 8-K. We expressly disclaim any intent or obligation to update
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