Veeco Instruments Inc. of Goleta announced Monday that it has agreed to sell for $229 million in cash its Metrology business to Bruker Corp., a provider of scientific instruments and solutions for molecular and materials research.
The boards of directors of both companies have approved the deal, which is expected to close in the fourth quarter of this year, pending regulatory review and subject to customary closing conditions, according to a news release.
The sale will transfer Veeco’s worldwide Metrology business to Bruker, based in Billerica, Mass., including Veeco’s Atomic Force Microscope business in Goleta and its Optical Industrial Metrology business in Tucson, as well as Veeco’s associated global AFM/OIM field sales and support organization.
Bruker officials say they intend to combine Veeco Metrology with its global Bruker Nano instruments business, which sells a broad range of systems and analytical solutions for materials and nanotechnology research.
Veeco expects cash proceeds from the transaction to be about $160 million net of estimated applicable taxes and transaction fees.
“Following the sale of Metrology, Veeco expects to benefit from greater focus on and investment in our LED and solar and data storage process equipment businesses,” Veeco CEO John Peeler said. “We believe the sale of Metrology will allow us to accelerate our progress developing new products, gaining share and aligning with key customers in markets with large growth opportunities, including several ‘clean-tech’ markets.”
The sale is expected to give Veeco more financial flexibility to pursue acquisitions and expand customer support for its growing Asia business, Peeler said.
“We are excited to add Veeco’s industry-leading scanning probe microscope and optical metrology systems to the Bruker product portfolio of high-performance materials research and nanotechnology instruments,” said Frank Laukien, Bruker’s president and CEO. “We very much look forward to welcoming the customers, management and employees of the Veeco Metrology business to Bruker after the closing of the transaction.”
Veeco designs, manufactures, markets and services enabling solutions for customers in the solar, data storage, semiconductor, scientific research and industrial markets. It is a provider of high-performance scientific instruments and solutions for molecular and materials research, as well as for industrial and applied analysis.
— Noozhawk business writer Ray Estrada can be reached at restrada@noozhawk.com.