SUPERIOR, Colo., Dec. 13, 2010 /PRNewswire/ -- Key Equipment Finance, one of the nation's largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY) announced that the company has financed $1.2 million in Laser Direct Imaging (LDI) equipment for Orbotech customer Gorilla Circuits, Inc.
Gorilla Circuits is a leading manufacturer of printed circuit boards based in San Jose, Calif. With equipment financing from Key Equipment Finance, the company has obtained a sophisticated LDI system from Orbotech that will enable Gorilla Circuits to better meet the growing needs of their clients throughout North America.
"Orbotech's LDI systems are the best on the market, and we knew without a doubt that upgrading our equipment would reduce our monthly costs, enable us to operate much more efficiently, and give us the ability to respond quickly to the needs of our customers," said Hershel Petty, president of Gorilla Circuits. "We've worked with Key Equipment Finance in the past and we understand the benefits of leasing, rather than purchasing, technology equipment. An equipment lease from Key Equipment Finance seemed like the obvious choice for us."
Key Equipment Finance has long-standing relationships with both Gorilla Circuits and Orbotech. Since 2006, Key Equipment Finance has partnered with Orbotech to provide flexible equipment finance options to manufacturers in the electronics industry that are interested in obtaining the company's equipment throughout North America, Europe and Asia.
"Both Orbotech and Gorilla Circuits are innovators in their industry, and we're pleased to have mature, mutually-beneficial relationships with each of these companies," said Scott Sullivan, senior vice president, technology finance business at Key Equipment Finance. "Gorilla Circuits is the perfect example of a company that is leveraging the benefits of equipment leasing to invest in technology that will make it more competitive and more successful, at a time when many companies are delaying equipment purchases to their own detriment. We anticipate that Gorilla Circuits will see this new equipment acquisition pay off for the company almost immediately."
"For those of our customers for whom an equipment purchase is not a viable option, Key Equipment Finance continues to provide top-notch, flexible financing options that result in win-win situations for our clients and for Orbotech," said Guy Shemi, Vice President of Finance for Orbotech North America. "As demonstrated by this excellent financing solution for Gorilla Circuits, their accommodating service approach and industry expertise make Key Equipment Finance our go-to leasing company. We are very pleased to be working together with Key and Gorilla in this successful collaboration."
About Gorilla Circuits
Gorilla Circuits is a Silicon Valley based PCB manufacturer specializing in high performance ATE fabrication and assembly and currently employs 185 people in an 80,000 sq/ft facility. Gorilla Circuits is the longest established printed circuit board house in California's Silicon Valley. With our continued re-investment in the company of state-of-the-art technology our unique capabilities which include 37:1 aspect ratios, laser vias, mechanical control depth drilling to 1/2 mil depth control, .3mm fine pitch features, and 5 or more lamination cycles. Our qualified engineering staff is skilled in handling high-speed board requirements and complex designs. Most importantly, Gorilla Circuits is dedicated to customer satisfaction as the number one priority by meeting time to market demands. www.gorillacircuits.com
About Orbotech Ltd.
Orbotech is principally engaged in the design, development, manufacture, marketing and service of yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry. The Company's products include automated optical inspection (AOI), production and process control systems for printed circuit boards (PCBs) and AOI, test and repair systems for flat panel displays (FPDs). The Company also markets computer-aided manufacturing (CAM) and engineering solutions for PCB production. In addition, through its subsidiary, Orbograph Ltd., the Company develops and markets character recognition solutions to banks and other financial institutions, and has developed a proprietary technology for use, among other things, in web-based, location-independent data entry for check and forms processing; and, through its subsidiaries, Orbotech Medical Denmark A/S and Orbotech Medical Solutions Ltd., is engaged in the research and development, manufacture and sale of specialized products for application in medical nuclear imaging. Of Orbotech's employees, more than one quarter are scientists and engineers, who integrate their multi-disciplinary knowledge, talents and skills to develop and provide sophisticated solutions and technologies designed to meet customers' long-term needs. Orbotech maintains its corporate headquarters, executive and registered offices and principal research and development, engineering and manufacturing facilities in Israel. The Company's extensive network of marketing, sales and customer support teams, located in over 35 offices throughout North America, Europe, the Pacific Rim, China and Japan, delivers its knowledge and expertise directly to customers the world over. For more information visit www.orbotech.com.
About Key Equipment Finance
Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets:
- businesses of all sizes in the U.S. (from small business to large corporate);
- equipment manufacturers, distributors and value-added resellers worldwide;
- federal, provincial, state and local governments as well as other public sector organizations; and
- lease advisory services for larger structured equipment needs including single investor and leveraged leases, securitizations, and structured debt.
Headquartered outside Denver, Colorado, Key Equipment Finance manages nearly $11 billion in assets and originates approximately $3 billion of equipment annually. The company has major management and operations bases in Albany, New York; London, England; Hong Kong, China and Sydney, Australia. The company, which supports clients in over 40 countries, employs approximately 700 people worldwide and has been in the equipment financing business for over 35 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at www.KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93.3 billion. BusinessWeek magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit www.key.com.
Key Equipment Finance Website: www.KEFonline.com
SOURCE Key Equipment Finance