Veeco Instruments Surges 5% After New Order (VECO)

Veeco Instruments Inc. VECO announced Thursday that Elec-Tech International has selected its TurboDisc Metal Organic Chemical Vapor Deposition (MOCVD) systems as their “tool of choice” for two new LED factories in China. Shares of Veeco are higher by more than 6% in early trade, to $33.59. Tony Wang, Chairman of Elec-Tech commented, “Our Board of Directors has approved our plan to purchase 130 MOCVD tools to ramp production capacity at our two LED factories. Our goal is to become one of the top three LED companies by output and sales revenue in China within two years, focusing primarily on the general lighting and BLU market, but on other applications as well.” Bill Miller, General Manager of Veeco's MOCVD Operations, commented, “We are extremely pleased that Elec-Tech has chosen Veeco for their production requirements as they build out their aggressive plans in China. We look forward to supporting this important new customer with our best-in-class systems and world-class applications process support.” Veeco Instruments, Inc. designs, manufactures, markets and services enabling solutions for customers in the HB-LED, solar, data storage, semiconductor, scientific research and industrial markets. You Can't Afford Miss To Out On These Money Making Trading Ideas.