Veeco Acquires Emcore's Deposition Unit

Veeco Instruments Inc. of Woodbury, N.Y., has purchased the TurboDisc metallorganic chemical vapor deposition business of Emcore Corp., based in Somerset, N.J. Combined with Veeco's molecular beam epitaxy unit, the acquisition enables the company to provide both compound semiconductor epitaxial deposition technologies for applications requiring lower power, higher-frequency operation and light-emitting attributes. The deposition tools are suitable for use in the growth of high-speed electronic, wireless and optoelectronic compound semiconductor materials utilized in wireless communications and high-brightness LED applications.

Veeco acquired the net assets of the Emcore unit for $60 million in cash. Included in the transaction is a two-year condition that would require payment of up to $20 million more if revenue goals are realized. The purchase includes the division's intellectual property, its facilities in Somerset, and the assets needed for engineering, designing and manufacturing the TurboDisc systems. Approximately 120 Emcore employees were expected to join Veeco.