Veeco Instruments (NASDAQ:VECO) said Wednesday it acquired Epiluvac AB for $30 million cash.
The transaction also includes potential for additional $35 million in performance based earn-outs.
Epiluvac is a privately-held Swedish manufacturer of chemical vapor deposition epitaxy systems that enable advanced silicon carbide applications in the electric vehicle market.
The impact to financial results from the acquisition is not expected to be material in 2023, and volume revenue is expected to begin in 2024, Veeco said.