Veeco Instruments, CVC to Merge

PLAINVIEW, N.Y., Feb. 29 -- Veeco Instruments Inc. and Rochester, N.Y.-based CVC Inc. have signed a definitive merger agreement. Under the terms of the agreement, which has been approved unanimously by both companies' boards of directors, CVC shareholders will receive 0.43 shares of Veeco common stock for each share of CVC common stock held.
Following the merger, which is expected to close in the second quarter of 2000, CVC will become a wholly owned subsidiary of Veeco. Edward H. Braun will remain chairman and CEO of Veeco Instruments, while Christine B. Whitman, CVC's chairman, president and CEO, will become president and COO of Veeco and will serve on Veeco's board.
Braun commented, This combination of Veeco and CVC provides broader equipment and process solutions to our data storage, optical telecommunications and semiconductor customers. CVC is an ideal merger partner -- bringing complementary technology leadership, a track record of profitability and a strong management team. We forecast revenues to exceed $400 million in calendar 2000 for the combined companies.