Veeco Instruments buys CVC

Veeco Instruments (Plainview, NY) has bought CVC (Rochester, NY) for $380 million in stock. CVC shareholders will receive 0.43 shares of Veeco stock for each share of CVC stock they own. The merger is expected to close in the second quarter of the year, pending shareholder approval. The deal brings together Veeco's strength in metrology equipment for the data-storage, semiconductor, and research markets, and its etch and deposition tools for data storage and optical telecommunications with CVC's manufacturing equipment for optical components and other devices. Edward Braun, who will remain chairman and CEO of Veeco, projected revenues of more the $400 million for the combined companies this year. Christine Whitman, president and CEO of CVC, will become chief operating officer of Veeco.