YAVNE, Israel, May 8, 2017 /PRNewswire/ -- Orbotech Ltd., a leading provider of process innovation technologies, solutions and equipment that are enabling the transformation of the global electronics manufacturing industry, announced today that Tianma Micro-electronics Co. Ltd. ("Tianma"), a producer of display solutions with over three decades of experience in the Flat Panel Display (FPD) field, has selected Orbotech's ArrayChecker™ and Automated Optical Inspection (AOI) solutions for its production line upgrade to flexible AMOLED technology.
Tianma has invested approximately $1.8 billion to extend its Gen 6 AMOLED fab in Wuhan, China. The Wuhan fab is designed for the production of flexible AMOLED display panels which are rapidly gaining popularity in consumer electronics devices. When the new line ramps up to mass production during the second half of 2017, Tianma expects to achieve capacity of 30,000 panels per month, with an additional 30,000 per month capacity increase in 2018.
According to the IHS Display Long-Term Demand Forecast Tracker Q4 2016, "AMOLED's share of overall FPD revenue will increase to almost 30% in 2023. Revenue from AMOLED displays is expected to grow from $15 billion in 2016 to $36 billion in 2023 for a CAGR of 17%."
"We are delighted that Tianma has selected our solutions for their flex AMOLED fabrication line," stated Mr. Edu Meytal, President of Orbotech Pacific Display. "These solutions, which were designed to enable the new manufacturing processes required to produce flex AMOLED displays, will enable our customers to produce the most advanced FPD products available with high yields. This deal builds upon past successful implementations of Orbotech's inspection, testing and repair solutions."
About FPD Automated Optical Inspection (AOI)
Orbotech's FPD AOI systems offer display manufacturers cutting edge automated inspection solutions for all types of display technologies including Flexible AMOLED. 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 Tianma Micro-electronics Co.
Tianma Micro-electronics Co. was founded in 1983 and is publicly traded on the Shenzhen Stock Exchange (SZ.000050) since 1995. The company specializes in the design, manufacturing, and supply of high quality LCD and LCM products. Affiliated companies within the Tianma Group, include Shenzhen Tianma, Shanghai Tianma, Shanghai AVIC, Chengdu Tianma, and Wuhan Tianma; combined to make up our state-of-the-art STN-LCD, CSTN-LCD, TFT-LCD, AMOLED, and CF production lines.
About Orbotech Ltd.
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 (MEMS), LED, high speed RF on GaAs, power management device and other electronic components. Today, virtually every electronic device in the world is produced using Orbotech systems. 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, 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, the Company expects to receive an assessment from the Israel Tax Authority in the coming months with respect to the ongoing tax audit in Israel, which assessment may be with respect to a material amount of taxable income and for a material amount of tax and, while the Company believes that it has provided adequately for any reasonably foreseeable outcomes related to the tax audit, future results may include unfavorable material adjustments to estimated tax liabilities in the period when the assessment is received or resolved or the audit is closed. 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.
ORBOTECH COMPANY CONTACTS:
Director of Investor Relations
Tally Kaplan Porat
Director of Corporate Marketing
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