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Business

Bruker Corp. Completes Purchase of Portion of Goleta’s Veeco Instruments

$229.4 million cash deal will add about 350 workers, in Santa Barbara and other locations

Scientific instruments maker Bruker Corp., based in Massachusetts, said this week it has finished its acquisition of a portion of the business of Veeco Instruments Inc. in Goleta for $229.4 million in cash.

Bruker bought Veeco’s scanning probe microscopy and optical industrial metrology instruments business in a deal first announced in August after board members from both companies approved it.

The deal adds about 350 workers in Santa Barbara, Tucson, Ariz., and other locations to Bruker’s AXS Group, company officials said. The new businesses get 38 percent of their revenue from Asia, 31 percent from North and South America, and 31 percent from Europe.

Bruker officials forecast the combined business to contribute more than $130 million in 2011 revenue. It will add 6 to 8 cents to its adjusted earnings per share next year, the company said.

Veeco makes equipment to develop and manufacture LEDs, solar panels, hard disk drives and other devices. The company supports customers through product development, manufacturing, sales and service sites in the United States, Korea, Taiwan, China, Singapore, Japan and Europe.

Bruker officials say they will combine Veeco Metrology with its global Bruker Nano instruments business, which sells systems and analytical solutions for materials and nanotechnology research.

Veeco officials said they expect cash proceeds from the transaction to be about $160 million net of estimated taxes and transaction fees.

Veeco expects to benefit from greater focus on and investment in its LED and solar and data storage process equipment businesses, Veeco Chief Executive Officer John Peeler said earlier this year. The sale will give Veeco more financial flexibility to pursue acquisitions and expand customer support for its growing Asia business, Peeler said.

Noozhawk business writer Ray Estrada can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk or @NoozhawkNews.

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