Yavne, Israel, June 4, 2015 | ORBOTECH LTD. (NASDAQ: ORBK) today announced that it has entered into a co-operation agreement with ITRI (Industrial Technology Research Institute) research and development organization, to jointly develop solutions for the production of flexible displays to be applied in future smart devices.
Orbotech and ITRI yesterday signed the agreement at the SID (Society for Information Display) Display Week Conference in San Jose. ITRI, a non-profit R&D organization renowned worldwide for its innovations in electronics manufacturing and other technology oriented fields, and Orbotech, a leading provider of process innovation technologies, solutions and equipment serving the global electronics manufacturing industry, will collaborate towards overcoming the production challenges and jointly develop solutions for the fast growing flexible display market.
As part of this strategic co-operation, ITRI will, among other things, utilize Orbotech leading inspection technology to identify production bottlenecks in AMOLED (Active Matrix Organic Light Emitting Diode) Flex Processes.
“Flexible devices are the future of the display industry”, explained Dr. Janglin Chen, ITRI’s Vice President and General Director of Display Technology Center. “Flexible AMOLED devices help translate high resolution images, precise RGB color definition, live video at high speeds and other diverse functionality that we have become accustomed to enjoying with traditional flat panel displays, to the next generation of form factors. We are confident that AMOLED will usher in the age of the foldable tablet PC and smart phones as well as wearable devices. Orbotech’s reputation for production solutions and process innovation technologies for the electronics manufacturing industry make Orbotech a natural partner in helping to address the production challenges of Flexible AMOLED manufacturing by advanced inspection and testing.”
Gil Oron, President of Flat Panel Display Division at Orbotech, commented on the importance of the co-operation: “Orbotech is privileged to partner with a technology pioneer that is forging new directions in solving the challenges for manufacturing flexible displays. Collaborating with ITRI to ensure high-volume, high-yield manufacturing processes on these new substrates will help expand the limits of what a display screen can become.”
About Orbotech
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 and other electronic components. Virtually every electronic device in the world is produced using Orbotech systems. For further information, visithttp://www.orbotech.com/
About ITRI
Industrial Technology Research Institute (ITRI) is one of the world’s leading technology R&D institutions aiming to innovate a better future for society. Founded in 1973, ITRI has played a vital role in transforming Taiwan's industries from labor-intensive into technology-oriented. Over the years, ITRI has cultivated more than 140 CEOs and incubated over 260 innovative companies, including well-known names such as UMC and TSMC. ITRI focuses on the fields of Smart Living, Quality Health, and Sustainable Environment. In addition to its headquarters in Taiwan, ITRI has branch offices in Silicon Valley, Tokyo, Berlin, Moscow and Eindhoven in an effort to extend its R&D scope and promote opportunities for international cooperation around the world. For more information, please visit http://www.itri.org/eng.
Cautionary Statement Regarding Forward-Looking and Other 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, timing and extent of achieving the anticipated benefits of the acquisition of SPTS, including the timing and amount of cost savings, if any, Orbotech's ability to integrate and operate SPTS's business effectively, the timing, terms and success of any strategic or other transaction, 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, worldwide economic conditions generally, and especially in the industries in which the Company operates, the timing and strength of product and service offerings by the Company and each of its competitors, changes in business or pricing strategies, changes in the prevailing political and regulatory framework in which the relevant parties operate 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, the timing for a verdict in the ongoing appeal of the criminal matter and ongoing investigation in Korea, the final outcome and impact of this matter, including its 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, ongoing or increased hostilities in Israel and other risks detailed in the Company's United States Securities and Exchange Commission (“SEC”) reports, including the Company's Annual Report on Form 20-F for the year ended December 31, 2014, 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.
COMPANY CONTACTS:
Ann Michael
Anat Earon-Heilborn
Senior Corporate Marketing
Director of Investor Relations
Communications Manager
Orbotech Ltd.
Orbotech Ltd. Tel: +972-8-942 3148
Tel: +972-8-942-3582
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