Veeco Instruments Inc. announced that it has signed an agreement to acquire privately held Synos Technology, Inc. (Synos). Synos designs and manufactures Fast Array Scanning™ Atomic Layer Deposition (FAST-ALD™) systems that are enabling the production of flexible OLED displays for mobile devices.
"Synos is an early stage company with big growth potential," said John Peeler, Veeco's Chairman and CEO. "We believe that their fast array scanning ALD technology for thin film encapsulation layers will remove the primary barrier to adoption of flexible OLED displays, helping make unbreakable, light-weight mobile displays a reality. Their systems are poised to move from pilot line to full production at the world leader in mobile OLED displays." Synos' first pilot production system has been installed and the manufacturing ramp is currently expected to begin in 2014.
According to industry forecasting firm IHS iSuppli, the flexible OLED display market is expected to grow from US$ 21 million in 2013 to almost US$ 12 billion by 2020, and will revolutionize the entire display industry. "Near-term, we believe the OLED equipment market opportunity for Synos' ALD technology exceeds US$ 400 million for mobile phones alone," added Peeler. "We also see numerous extended opportunities for this breakthrough ALD technology in OLED TV, lighting, solar, batteries and other large adjacent markets."
"Veeco will bring the global operating experience and resources we need to ramp our business, support our key customer, and deliver on the promise of our technology," commented Ilsong Lee, President and CEO of Synos. Lee will join Veeco as Senior Vice President and ALD General Manager. In addition, Synos co-founder, Sang In Lee, will join Veeco as CTO for Veeco ALD.
"Synos' FAST-ALD provides an elegant solution for some very complicated challenges faced by OLED display manufacturers," added Daniel Rubin, Chairman and co-founder of Synos. "Veeco's well-known commitment to customer satisfaction and operating excellence will accelerate the market adoption of this technology for OLED and other advanced manufacturing applications."
