Veeco Instruments Signs Letter of Intent to Acquire Slider Level Crown -SLC- Metrology Technology from Seagate.Business/Technology Editors PLAINVIEW, N.Y.--(BUSINESS WIRE)--Jan. 28, 2000 Veeco Instruments Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :VECO VECO Vernier Engine Cut Off ) today announced that it has signed a letter of intent to enter into a strategic alliance in which Veeco will acquire rights to slider level crown (SLC (Subscriber Loop Carrier) Lucent's designation for its digital loop carrier (DLC) products. See digital loop carrier. See also 386SLC. ) adjust metrology technology from Seagate Technology Inc. (NYSE NYSE See: New York Stock Exchange :SEG n. 1. (Bot.) Sedge. 2. The gladen, and other species of Iris. 1. A castrated bull. ). The letter of intent also provides for a multi-year agreement under which Veeco will supply Seagate with SLC metrology tools, as well as other related equipment for its thin film magnetic head operations. Terms of the deal were not disclosed. Veeco will build crown adjust systems that micro machine the thin film magnetic head while providing real time process feedback using in-situ metrology. This is a critical extension of Veeco's data storage equipment and metrology technology, allowing thin film magnetic head manufacturers improved yield and control of &uot;fly height&uot; characteristics. Edward H. Braun, Veeco's Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, &uot;With this acquisition, Veeco will open a design and manufacturing center in Minneapolis focusing on the development of thin film magnetic head process, metrology and test equipment for the data storage industry. Seagate SLC's 30-person development team will bring critical intellectual property and product expertise to Veeco. Initially, we expect this product line to contribute approximately $25 million to Veeco's 2000 revenues. While Seagate currently manufactures the SLC tools for internal usage, Veeco plans to continue development in order to improve and enhance its production capabilities. Going forward, it is our intention to commercialize this SLC technology for sale to the worldwide data storage industry.&uot; James Chirico, Senior Vice President and General Manager, Recording Head Operations, Seagate Technology, said, &uot;This strategic alliance with Veeco assures Seagate cost effective, high performance test and metrology equipment critical for our next generation data storage products. This collaboration is designed to improve Seagate's 'time to market' for advanced high density thin film magnetic head products.&uot; Veeco Instruments Inc., headquartered in Plainview, New York Plainview is a hamlet (and census-designated place) located in the town of Oyster Bay, Nassau County, New York, USA. The population was 25,637 at the 2000 census. Plainview and its neighboring hamlet, Old Bethpage, share a school system, library, fire department and water is a worldwide leader in metrology tools for the data storage and semiconductor industries, and process equipment etch and deposition tools for the data storage and opto-telecommunications industries. Manufacturing and engineering facilities are located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , California, Colorado and Arizona. Global sales and service offices are located throughout the United States, Europe, Japan and Asia Pacific. Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Business Intelligence software. Seagate can be found around the globe and at http://www.seagate.com. To the extent that this news release discusses expectations about market conditions or about market acceptance and future sales of Veeco's products, or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the cyclical nature of the data storage and semiconductor industry, risks associated with the acceptance of new products by individual customers and by the marketplace, and other factors discussed in the Business Description and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial sections of Veeco's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Annual Report to Shareholders. |
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