YAVNE, Israel, June 4, 2015 /PRNewswire/ -- ORBOTECH
LTD. (NASDAQ: ORBK) today announced that it has entered into a
co-operation agreement with ITRI (Industrial Technology Research
Institute) research and development organization, to jointly
develop solutions for the production of flexible displays to
be applied in future smart devices.
Orbotech and ITRI yesterday signed the agreement at the SID
(Society for Information Display) Display Week Conference in San
Jose. ITRI, a non-profit R&D organization renowned
worldwide for its innovations in electronics manufacturing and
other technology oriented fields, and Orbotech, a leading provider
of process innovation technologies, solutions and equipment serving
the global electronics manufacturing industry, will collaborate
towards overcoming the production challenges and jointly develop
solutions for the fast growing flexible display market.
As part of this strategic co-operation, ITRI will, among other
things, utilize Orbotech leading inspection technology to identify
production bottlenecks in AMOLED (Active Matrix Organic Light
Emitting Diode) Flex Processes.
"Flexible devices are the future of the display industry,"
explained Dr. Janglin Chen, ITRI's Vice President and General
Director of Display Technology Center. "Flexible AMOLED devices
help translate high resolution images, precise RGB color
definition, live video at high speeds and other diverse
functionality that we have become accustomed to enjoying with
traditional flat panel displays, to the next generation of form
factors. We are confident that AMOLED will usher in the age of the
foldable tablet PC and smart phones as well as wearable devices.
Orbotech's reputation for production solutions and process
innovation technologies for the electronics manufacturing industry
make Orbotech a natural partner in helping to address the
production challenges of Flexible AMOLED manufacturing by advanced
inspection and testing."
Gil Oron, President of Flat Panel
Display Division at Orbotech, commented on the importance of the
co-operation: "Orbotech is privileged to partner with a technology
pioneer that is forging new directions in solving the challenges
for manufacturing flexible displays. Collaborating with ITRI to
ensure high-volume, high-yield manufacturing processes on these new
substrates will help expand the limits of what a display screen can
become."
About Orbotech
Orbotech Ltd. (NASDAQ: ORBK) is a global innovator of enabling
technologies used in the manufacture of the world's most
sophisticated consumer and industrial products throughout the
electronics and adjacent industries. The Company is a leading
provider of yield enhancement and production solutions for
electronics reading, writing and connecting, used by manufacturers
of printed circuit boards, flat panel displays, advanced packaging,
micro-electro-mechanical systems and other electronic components.
Virtually every electronic device in the world is produced using
Orbotech systems. For further information,
visit www.orbotech.com.
About ITRI
Industrial Technology Research Institute (ITRI) is one of the
world's leading technology R&D institutions aiming to innovate
a better future for society. Founded in 1973, ITRI has played a
vital role in transforming Taiwan's industries from labor-intensive into
technology-oriented. Over the years, ITRI has cultivated more than
140 CEOs and incubated over 260 innovative companies, including
well-known names such as UMC and TSMC. ITRI focuses on the fields
of Smart Living, Quality Health, and Sustainable Environment. In
addition to its headquarters in Taiwan, ITRI has branch offices in Silicon
Valley, Tokyo, Berlin, Moscow and Eindhoven in an effort to extend
its R&D scope and promote opportunities for international
cooperation around the world. For more information, please visit
http://www.itri.org/eng.
Company Contacts:
Ann
Michael Anat
Earon Heilborn
Senior Corporate
Marketing Director
of Investor Relations
Communications
Manager Orbotech
Ltd.
Orbotech
Ltd. Tel:
+972-8-942 3582
Tel: +972-8-942
3148 anat.earon-heilborn@orbotech.com
ann.michael@orbotech.com
Cautionary Statement Regarding Forward-Looking and Other
Statements
Except for historical information, the matters discussed in this
press release are forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements relate to, among other things, future prospects,
developments and business strategies and involve certain risks and
uncertainties. The words "anticipate," "believe," "could," "will,"
"plan," "expect" and "would" and similar terms and phrases,
including references to assumptions, have been used in this press
release to identify forward-looking statements. These
forward-looking statements are made based on management's
expectations and beliefs concerning future events affecting
Orbotech and are subject to uncertainties and factors relating to
Orbotech's operations and business environment, all of which are
difficult to predict and many of which are beyond the Company's
control. Many factors could cause the actual results to differ
materially from those projected including, without limitation,
timing and extent of achieving the anticipated benefits of the
acquisition of SPTS, including the timing and amount of cost
savings, if any, Orbotech's ability to integrate and operate SPTS's
business effectively, the timing, terms and success of any
strategic or other transaction, cyclicality in the industries in
which the Company operates, the Company's production capacity,
timing and occurrence of product acceptance (the Company defines
'bookings' and 'backlog' as purchase arrangements with customers
that are based on mutually agreed terms, which, in some cases for
bookings and backlog, may still be subject to completion of written
documentation and may be changed or cancelled by the customer,
often without penalty), fluctuations in product mix, worldwide
economic conditions generally, and especially in the industries in
which the Company operates, the timing and strength of product and
service offerings by the Company and each of its competitors,
changes in business or pricing strategies, changes in the
prevailing political and regulatory framework in which the relevant
parties operate or in economic or technological trends or
conditions, including currency fluctuations, inflation and consumer
confidence, on a global, regional or national basis, the level of
consumer demand for sophisticated devices such as smartphones,
tablets and other electronic devices, the timing for a verdict in
the ongoing appeal of the criminal matter and ongoing investigation
in Korea, the final outcome and impact of this matter, including
its impact on existing or future business opportunities in Korea
and elsewhere, any civil actions related to the Korean matter
brought by third parties, including the Company's customers, which
may result in monetary judgments or settlements, expenses
associated with the Korean matter, ongoing or increased hostilities
in Israel and other risks detailed
in the Company's United States Securities and Exchange Commission
("SEC") reports, including the Company's Annual Report on Form 20-F
for the year ended December 31, 2014,
and subsequent SEC filings. The Company assumes no obligation to
update the information in this press release to reflect new
information, future events or otherwise, except as required by
law.
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SOURCE Orbotech Ltd.