Veeco Instruments in Plainview moving headquarters to Massachusetts

A public company that makes semiconductor equipment plans to move its headquarters from Plainview to Massachusetts as part of a merger.

Veeco Instruments Inc. is combining with another manufacturer of semiconductor equipment, Axcelis Technologies Inc. in Beverly, Massachusetts. The merger was approved last month by the shareholders of each company and is expected to be completed between July 1 and Dec. 31, according to securities filings.

"Following close [of the deal], the headquarters of the combined company will be in Beverly," Axcelis chief executive Russell Low wrote in an October letter to his employees when the merger was announced.

Veeco employs about 170 people at its 80,000-square-foot headquarters at 1 Terminal Dr., according to the state Power Authority, which supplies the company with low-cost electricity.

How the headquarters' relocation will affect Veeco employees isn’t known.

A Veeco spokesperson referred a Newsday reporter to the company’s securities filings, which included an employee FAQ from management in October.

In reply to a question about whether there would be layoffs, the FAQ stated, "As with any merger of this nature, there will be some overlap in some functions. The integration planning team — comprising leaders from both Veeco and Axcelis — will carefully evaluate the necessary resources for the combined business and will take the utmost care in making those determinations. ... There have been no final decisions made about employees."

A spokesperson for Axcelis didn’t respond to a request for comment.

No notice of pending layoffs at Veeco had been filed with the state Department of Labor as of Thursday. 

Veeco is the latest public company to move its head office off Long Island.

Comtech Telecommunications Corp., which makes components for satellite and 911 communications systems, jettisoned its Melville headquarters for one in Arizona in 2024. Natural food seller Hain Celestial Group left Lake Success for Hoboken, New Jersey, three years ago. And Arrow Electronics Inc. replaced its Melville head office for one in Edgewood, Colorado, in 2011.

Nearly 60 public companies now call the Island home, down from more than 80 a decade ago.

Some of the relocations resulted in job cuts locally while others only required that stationery with a different mailing address be printed.

Still, Tom Stringer, a consultant from Bay Shore who helps businesses decide where to locate, said the diminishing number of public companies based in Nassau and Suffolk counties means less economic activity overall.

"Big companies bring big revenues, big payrolls, big state and local tax payments. ... They are big economic drivers in communities," said Stringer, founder of Stringer Site Selection & Incentives Ltd., which has offices in the metropolitan area, Boston and Arizona.

"All companies are not created equal," he added. "Some are economic catalysts because of their reputation, number of people they employ and the amount of money they spend locally."

Stringer worked on deals that kept financial services giant Broadridge Financial Solutions Inc. in Lake Success and Edgewood, and medical supply distributor Henry Schein Inc. in Melville.

States compete for public company headquarters.

California, New York and Texas are home to the most with 1,242, 612 and 498 respectively, according to data from the website MarketCapWatch.com.

Veeco was started in 1945 in New York City as the Vacuum Electronic Equipment Company. Like many others, the company eventually moved east because Long Island offered space to expand.

Veeco now has 1,265 employees in 13 countries, with 923 in the United States. The company owns the Plainview headquarters and facilities in New Jersey and Minnesota. It also rents space in California, Massachusetts, New Jersey and Pennsylvania, securities filings show.

Veeco reported a profit of $35.4 million last year, down from $73.7 million in 2024. Revenue totaled $664 million last year compared with $717.3 million in 2024.

"With expanding backlog [of orders], growing customer adoption of our new technologies, and the planned merger with Axcelis, we believe we are well positioned to accelerate growth" in 2026, said chief executive Bill Miller in announcing the year-end earnings.

Low, the Axcelis chief executive, said last month in an email to employees that "integration teams" composed of Axcelis and Veeco personnel have been meeting and two "integration summits" have been held. He also said work has begun to replace the Axcelis and Veeco names with a new moniker.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.