UPDATE 1-Veeco to invest $25 mln for Asia expansion

* Plans to expand in China, Japan, Singapore and Korea

* To build engineering, service, technology centers

Oct 14 (BestGrowthStock) – Chip equipment maker Veeco Instruments
Inc (VECO.O: ) said it would invest more than $25 million to
expand its presence in Asia to meet increased LED demand there.

Veeco, which makes equipment to produce LEDs, solar cells
and data storage said with the project, it intends to provide
technology development on metal organic chemical vapour
deposition systems (MOCVD), customer training and service and
support to Asian customers.

“We see a tremendous opportunity to help our Asian
customers to ‘go faster’ to advance brightness and decrease the
cost of LEDs,” John Peeler, chief executive said.

The company said its expansion plan includes building
training, development and engineering centers in countries such
as Japan, Korea, Taiwan, China and Singapore, latest by the
second-half of 2011.

Peeler also said that over time, these sites would be able
to support the company’s customers in solar and other clean
tech markets.

Shares of the Plainview, New York-based company, which have
risen 15 percent over the past one month, were down 18 cents in
after-market trade.

They closed at $41.03 Thursday on Nasdaq.
(Reporting by Siddharth Cavale in Bangalore; Editing by Vyas
Mohan)

UPDATE 1-Veeco to invest $25 mln for Asia expansion