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SUPERIOR, Colo., USA –July 7, 2005 – Key Equipment Finance, a global leader in equipment financing and an affiliate of KeyCorp (NYSE: KEY) today announced that it has been selected as the primary leasing partner of Orbotech (NASDAQ: ORBK). Orbotech is a world leader in providing yield-enhancing production support solutions for specialized applications in the supply chain of the electronics industry, principally for printed circuit boards and flat panel displays.
The relationship with Key Equipment Finance enables Orbotech to provide flexible financing to manufacturers acquiring its electronic circuitry testing equipment in Taiwan, Singapore, Malaysia and Hong Kong, with plans to expand the program into North America. The implementation of a lease program will allow Orbotech to boost sales by offering customers one-stop-shopping and a lower cost of acquisition. The benefits of a lease option for customers include tax benefits, upgrade flexibility and better asset management.
“Orbotech is a global leader in their market that recognizes the importance of offering an attractive finance option as part of the complete customer service package,” said Karen Larson, president and chief operating officer of Key Equipment Finance’s global vendor services unit. “We anticipate that Orbotech will experience increased customer satisfaction as a result of offering flexible lease options that addresses their customers’ needs with their budgets in mind.”
Orbotech noted the professionalism and knowledge of Key Equipment Finance’s leasing experts, as well as more than 30 years experience implementing successful global vendor lease programs, as the primary reasons for selecting Key Equipment Finance as the company’s lease partner.
“We are committed to providing a complete solution for our customers and recognize the importance of a flexible lease option as part of that package,” said Moshe Ashkenazi, vice president of finance and operations for Orbotech. “Key Equipment Finance is recognized as a leading finance partner for companies around the world and we look forward to working with them to better meet the needs of our customers.”
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. and Canada (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
- lease advisory services for manufacturers’ captive leasing and finance companies.
Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12.6 billion equipment portfolio with annual originations of approximately $5.7 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $90 billion. 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.
About Orbotech
Orbotech (NASDAQ: ORBK) is a world leader in providing yield-enhancing, production support solutions for specialized applications in the supply chain of the electronics industry, principally for printed circuit boards (PCBs) and flat panel displays (FPDs). The Company designs, develops, manufactures, markets and services automated optical inspection (AOI) systems for bare and assembled PCBs and for FPDs, and imaging solutions for PCB production. The Company's innovative AOI, imaging and computer-aided manufacturing (CAM) technologies enable customers to achieve the increased yields and throughput essential to remaining at the forefront of electronics production. Through its subsidiary, Orbograph Ltd., the Company also develops and markets automatic check reading software to banks and other financial institutions. 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 headquarters and its primary research, development and manufacturing facilities in Israel, and more than 30 offices worldwide. The Company's extensive network of marketing, sales and customer support teams throughout North America, Europe, the Pacific Rim, China and Japan deliver its knowledge and expertise directly to customers the world over. For more information visit www.orbotech.com.
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