YAVNE, Israel, May 30, 2017 /PRNewswire/ -- Orbotech Ltd.,
a leading global supplier of yield-enhancing and process-enabling
solutions for the manufacture of electronics products, today
announced a $24 million order with
Xianyang CaiHong Optoelectronics Technology Co. Ltd.,
("CHOT"), a Chinese flat panel display manufacturer and part
of the China Electronics Corporation (CEC). The Orbotech solutions
ordered are for phase I of CHOT's new Gen 8.6 fab in Xianyang,
China, and are designed to support
the manufacture of a monthly capacity of 60,000 panels. The
solutions chosen include multiple Automated Optical Inspection
(AOI), Array Testing and Array Repair systems for use in the
production of LCD TV displays.
"As the demand for LCD televisions grows, Orbotech continues to
deliver advanced solutions that improve manufacturing process
efficiencies and support the industry's increasingly complex
technologies," stated Mr. Edu Meytal, President of Orbotech Pacific
Display. "We are honored to have been chosen by CHOT and believe
that our solutions, based on our proven experience and advanced
technology, will help them to rise to the forefront of the world's
display technology leaders."
Orbotech's bookings for its FPD products are anticipated to
reach, by the end of Q2 2017, approximately $300 million for the trailing 12 months.
"We are very pleased with the intensified demand for our
innovative display solutions, particularly over the trailing 12
months," said Gil Oron, Corporate
Vice President and President of the FPD Division. "This increased
demand for Orbotech's LCD and OLED solutions is testament to the
advanced technology of our solutions and the close cooperation with
our customers which enable us to develop accurate, reliable
solutions for their current and future needs."
About FPD Automated Optical Inspection (AOI)
Orbotech's Quantum™ FPD AOI system offers display manufacturers
cutting edge automated inspection solutions for all types of
display technologies including Flex and OLED. Orbotech FPD AOI
systems increase production yields using advanced optics for image
acquisition, unique image processing technologies, algorithms and
data processing capabilities, microscopic video imaging, CD/Overlay
measurements and automated macro (Mura) inspection to enable
high-sensitivity defect detection and extremely accurate
classification.
About Orbotech ArrayChecker™
The Orbotech ArrayChecker test system determines whether
individual pixels or lines of pixels are functional. It also finds
more subtle process defects such as variations in individual pixel
voltage. Defect data are used for repair and statistical process
control to decrease material costs and improve throughput.
About Orbotech ProcessSaver
The Orbotech ProcessSaver repair systems utilize multiple
wavelength laser technology to repair defects in flat panel
displays during and after array fabrication. The systems can use
defect data files downloaded from the ArrayChecker test systems or
other test and inspection systems to automatically position the
panel for repair, thereby eliminating the time spent by operators
locating defects.
About CHOT (Xianyang CaiHong Optoelectronics
Technology Co. Ltd.)
Xianyang CaiHong Optoelectronics
Technology Co., Ltd. was established in November 13, 2015, by Xianyang Financial Holdings
Limited and Xianyang Zhonghua Rainbow Group Holdings Co., Ltd., who
jointly funded the formation of a limited liability company.
About Orbotech Ltd.
Orbotech Ltd. is a leading global
supplier of yield-enhancing and process-enabling solutions for the
manufacture of electronics products. Orbotech provides cutting-edge
solutions for use in the manufacture of printed circuit boards
(PCBs), flat panel displays (FPDs), and semiconductor devices,
designed to enable the production of innovative, next generation
electronic products and improve the cost effectiveness of existing
and future electronics production processes. Orbotech's core
business lies in enabling electronic device manufacturers to
inspect and understand PCBs and FPDs and to verify their quality,
pattern the desired electronic circuitry on the relevant substrate
and perform three dimensional shaping of metalized circuits on
multiple surfaces, and utilize advanced vacuum deposition and
etching processes in SD and semiconductor manufacturing. For
further information, visit http://www.orbotech.com and
www.spts.com
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that constitute
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, 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, within and
among divisions, worldwide economic conditions generally,
especially in the industries in which the Company operates, the
timing and strength of product and service offerings by the Company
and its competitors, changes in business or pricing strategies,
changes in the prevailing political and regulatory framework in
which the relevant parties operate, including as a result of the
'Brexit' process and administration change in the United States, 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 as well as automobiles, the Company's global
operations and its ability to comply with varying legal,
regulatory, exchange, tax and customs regimes, the timing and
outcome of tax audits, including with respect to the Company's
challenge to the assessment received as part of the ongoing audit
of tax years 2012-2014 in Israel
and the associated criminal investigation by the Israeli tax
authority which may result in amounts payable in addition to the
assessed amount, the harm to the Company's reputation from the
criminal investigation, any potential related civil litigation and
any adverse impact on its business and opportunities from any of
the foregoing, the Company's ability to achieve strategic
initiatives, including related to its acquisition strategy, the
Company's debt and corporate financing activities; the final timing
and outcome, and impact of the criminal matter and ongoing
investigation in Korea, including any 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, and
ongoing or increased hostilities in Israel and the surrounding areas. The Company
is subject to the foregoing and other risks detailed in the
Company's SEC reports, including the Company's Annual Report on
Form 20-F for the year ended December 31,
2016, 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. The information on the Company's websites is
not incorporated by reference herein.
ORBOTECH COMPANY CONTACTS:
Rami Rozen
Director of Investor Relations
Tel: +972-8-942-3582
Investor.relations@orbotech.com
Tally Kaplan Porat
Director of Corporate Marketing
Tel: +972-8-942-3603
Tally-Ka@orbotech.com
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SOURCE Orbotech Ltd.