Veeco Completes Purchase of MTI
October 22, 2004
Veeco Instruments Inc. has completed its acquisition of Manufacturing Technology Inc. (MTI), a privately held manufacturer of slicing and dicing equipment for the data storage industry, for $9.5 million in cash. MTI is based in Ventura, Calif., and forecasts its 2004 revenue to be approximately $10 million. In connection with the acquisition, Veeco hired approximately 70 of MTI's employees. With this acquisition, Veeco has created an integrated Slider Process Equipment division, consisting of MTI and Aii, Veeco's precision lapping and automation business. Veeco's product line now includes all of the critical slider manufacturing steps controlling fly height for next generation thin film magnetic heads.