HILLSBORO, OR, July 31, 2002 -- FEI Company has purchased a new Oregon campus to consolidate its local operations at one site and provide room for expansion as the company grows. The 27-acre campus features two buildings; one with 68,000 square feet for offices and one with 112,00 square feet for R&D and manufacturing.
It will include semiconductor clean room space and facilities, as well as demonstration labs. FEI will begin moving its operations, currently housed in five separate buildings throughout Hillsboro, to the new site later this year. Including tenant improvements, FEI's total investment in the new location will be approximately $23 million. The new campus is located at 5350 NE Dawson Creek Drive in Hillsboro and was previously owned by Tokyo Electron, Ltd.
Earlier this month, FEI announced its proposed merger with Veeco Instruments to form Veeco FEI Inc., with headquarters in Woodbury, New York. In making the announcement, management also said that FEI's Oregon location would continue to be an important R&D, manufacturing and support site for the combined company. Veeco FEI will be the leader in 3D metrology and the sixth largest U.S. supplier of process equipment with combined pro forma 2001 revenues of $825 million.
"We are very excited to announce the purchase of our new Oregon campus," said Vahe Sarkissian, Chairman, president and CEO of FEI. "FEI was founded in Oregon in 1971 and was one of the original companies in the Silicon Forest. We have both contributed to and benefited from the strong local technology base, the excellent quality of support and transportation services, and an enviable overall quality of life for our employees. Our merger with Veeco is about creating a new company and growth. We believe the merger will accelerate growth prospects of the new company and create new opportunities for our employees. FEI is proud to invest in our Oregon operations with an eye on the future."
In the past five years, FEI has grown its revenues from $169 million to $376 million. The company's revenues grew 17 percent in 2001 despite the most severe downturn ever to hit the semiconductor industry. FEI attributes its success to the fact the its advanced focused ion- and electron beam-products enable technology shifts across a broad nanotechnology market base including semiconductors, data storage and scientific research customers.
"We are very pleased with FEI's continued commitment to Oregon. This announcement signals strong confidence in Oregon's workforce and its vibrant technology sector," commented Y. Sherry Sheng, deputy director of the Oregon Economic Development Department.
FEI currently employs nearly 1,600 employees worldwide with approximately 350 based in Hillsboro. Following the proposed merger with Veeco, the new company will have nearly 2,900 employees. Based on anticipated growth over the next few years, the company estimates that the Hillsboro location could be home to more than 500 Veeco FEI employees. Based on the company's financial modeling, the cost of space for the purchased property compares favorably to the company's current leases in Hillsboro.
For more information, visit www.feicompany.com.
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