Veeco Instruments just announced that it will be selling its metrology business, Veeco Metrology, to Bruker Corporation in order to focus on building its LED, solar and data storage businesses.

In a John R. Peeler, Veeco’s Chief Executive Officer, explained the rationale for selling Veeco Metrology:

“We believe the sale of Metrology will allow us to accelerate our progress developing new products, gaining share, and aligning with key customers in markets with large growth opportunities, including several “clean tech” markets. The sale is also expected to give us additional financial flexibility to pursue acquisitions and expand customer support for our growing Asia business.”

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Bruker will pay $229 million in cash for Veeco Metrology, and Veeco will get $160 million after taxes and fees. For accounting purposes, Veeco will consider the sale a  “discontinued operation” effective August 15.  They’ve updated their guidance as follows to reflect this:

3rd quarter 2010 revenue from continuing operations:  $255-280 million

GAAP earnings per share: $1.45 to $1.72

Non-GAAP earnings per share: $1.13 and $1.33.

2010 revenues from continuing operations: approximately $1 billion