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Veeco Instruments Inc of Plainview, N.Y., USA has added to its thin film solar equipment product line with the acquisition of Mill Lane Engineering of Lowell, MA, a privately held manufacturer of web coating systems for flexible solar panels. Veeco purchased the firm for $11m, paid at closing, plus potential additional payments based upon the satisfaction of specific future conditions, including certain order, sales and profit levels. The new division has been renamed Veeco Solar Equipment Inc, and it will be managed by Piero Sferlazzo, senior VP of Veeco.

Mill Lane Engineering has an existing multi-unit order for web coating systems from a manufacturer of thin film copper indium gallium selenide (CIGS) solar cells, says Veeco.

John R. Peeler, Veeco's CEO, said: "This investment complements Veeco's existing deposition technologies, expanding our product offerings for the emerging thin film solar market. While many of today's solar panels are based on silicon technology, thin films offer low manufacturing costs and the promise of higher photovoltaic efficiencies."

Mill Lane Engineering is not currently expected to have a material impact on Veeco's Q2 revenue guidance of $102-$110m. However, it is expected to impact previously provided Q2 earnings guidance due to the addition of operating expenses. Veeco also estimates that Q2 GAAP earnings will be impacted by an additional amortization expense as well as a potential in-process R&D charge. Therefore, Veeco currently anticipates that the acquisition will decrease its Q2 earnings per share guidance by approximately $0.05 per share on a GAAP basis, and $0.02 per share on a non-GAAP basis. Veeco forecasts that Mill Lane will add approximately $10-15m in second half 2008 revenues, but is not anticipated to have a material impact on earnings.

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