YAVNE, Israel, Sept. 6,
2017 /PRNewswire/ -- Orbotech Ltd. (NASDAQ: ORBK), a leading
global supplier of yield-enhancing and process-enabling solutions
for the manufacture of electronics products, announced today that
Orbotech's end-to-end automated optical inspection (AOI) solutions
have been selected by YUNGU (Gu'an) Technology Co., LTD for its new
flexible OLED Gen 6 fab. The project execution is supported by
Visionox, a Chinese flat panel display (FPD) manufacturer. The deal
includes a large number of Orbotech AOI systems for TFT (thin-film
transistor) Array and OLED-related layers for inspection and
classification. The new Gen 6 fab is located in Gu'an Hebei, China. Delivery is expected at the
beginning of 2018.
Among the solutions provided is the Orbotech Quantum™ Flex
series, which will resolve challenges that manufacturers typically
face with OLED flexible display processes. The production process
required for flexible OLED panels is more sophisticated and complex
than the process required for LCD panel manufacturing. This
solution simultaneously inspects each panel multiple times in the
same scan using different modalities, such as various light wave
lengths and alternative angles. Each modality provides an alternate
perspective of the inspected pattern, and enables wider coverage of
materials, patterns and defect types. The solution includes unique
technologies to address the requirements of flexible OLED panel
inspection.
"We are pleased to work with Orbotech and to implement its
flexible OLED display inspection solutions," said Mr. Ming Zhang, Vice President of YUNGU (Gu'an)
Technology Co., LTD. "We expect that the implementation of Orbotech
solutions in our new Gen 6 fab in Gu'an Hebei will contribute to our reputation for
producing superior flexible OLED display products."
"We are happy to collaborate with Visionox to provide our
state-of-the-art advanced yield management solutions for flexible
OLED displays," said Mr. Edu Meytal, President of Orbotech Pacific
Display. "We believe that our end-to-end AOI solutions will
contribute significantly to the success of production processes for
electronic personal devices."
About Orbotech's Quantum™ Flex
AOI
Orbotech Quantum™ Flex series offers display manufacturers
cutting-edge automated inspection solutions for all types of
display technologies including flexible 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.
The Orbotech Quantum™ Flex series solution increase production
yields and provides inspection and classification for additional
OLED related layers offering full coverage of both Micro and Macro
inspection, layer thickness and defect height measurement, accurate
location of defects within a stack of TFE (thin-film encapsulation)
layers. The system can be operated in N2
environment.
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 (SDs), 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 ('reading'); pattern the desired
electronic circuitry on the relevant substrate and perform
three-dimensional shaping of metalized circuits on multiple
surfaces ('writing'); and utilize advanced vacuum deposition and
etching processes in SD and semiconductor manufacturing
('connecting'). Orbotech refers to this 'reading', 'writing' and
'connecting' as enabling the 'Language of Electronics'. For more
information, visit www.orbotech.com/ and www.spts.com.
Cautionary Statement Regarding Forward-Looking
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, 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 the ongoing audit of tax years
2012-2014 in Israel (see below),
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. In addition, in May
2017 the Company received a $58
million assessment from the Israel Tax Authority with
respect to the ongoing tax audit in Israel. The Company believes that it has
provided adequately for any reasonably foreseeable outcomes related
to the tax audit; however, future results may include unfavorable
material adjustments to estimated tax liabilities in the period
when the assessment is resolved or the audit is closed. In
addition, the Israel Tax Authority is investigating the Company's
tax positions. Given that the process is in its preliminary
stages, the Company cannot assure the outcome or timing of
completion of the assessment process or investigation, including
the amount of tax ultimately payable, and additional penalties,
criminal sanctions, fines and other amounts that may be imposed as
a result of the assessment and investigation, which may be material
in amount or in adverse impact on the Company's results of
operations, financial position and reputation. The outcome
may also impact the Company's results of operations as a result of
tax positions taken for subsequent fiscal years. Furthermore,
during the second quarter of 2017, the Company elected to implement
certain provisions of the Israeli Law for the Encouragement of
Capital Investments related to preferred enterprises in
Israel. Although the Company
is unable to predict the precise impact of this tax election, it
believes the tax election will be beneficial over the long term and
it does not expect that the tax election will result in a material
increase in its effective tax rate for 2017. The foregoing
information should be read in connection with the Company's Annual
Report on Form 20-F for the year ended December 31, 2016, and subsequent SEC filings.
The Company is subject to the foregoing and other risks
detailed in those reports. 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.
ORBOTECH COMPANY CONTACTS:
|
Rami Rozen
|
Tally Kaplan Porat
|
Director of Investor Relations
|
Director of Corporate Marketing
|
Tel: +972-8-942-3582
|
Tel: +972-8-942-3603
|
Investor.relations@orbotech.com
|
Tally-Ka@orbotech.com
|
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SOURCE Orbotech Ltd.