<PAGE>
 
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                                  FORM 10-K/A
 
               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                    FOR THE FISCAL YEAR ENDED MAY 31, 1996
                        COMMISSION FILE NUMBER 0-26784
 
                         SPEEDFAM INTERNATIONAL, INC.
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
 
               ILLINOIS                              36-2421613
    (STATE OR OTHER JURISDICTION OF               (I.R.S. EMPLOYER
    INCORPORATION OR ORGANIZATION)               IDENTIFICATION NO.)
 
           7406 WEST DETROIT                            85226
           CHANDLER, ARIZONA                         (ZIP CODE)
    (ADDRESS OF PRINCIPAL EXECUTIVE
               OFFICES)
 
                 REGISTRANT'S TELEPHONE NUMBER: (602) 961-2175
 
          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
                                     NONE
 
       SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
 
                          COMMON STOCK, NO PAR VALUE
                               (TITLE OF CLASS)
 
  Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days. Yes   [X]    No
 
  Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
 
  State the aggregate market value of the voting stock held by non-affiliates
of the registrant: $69,177,956 as of August 9, 1996.
 
  Indicate the number of shares outstanding of each of the issuer's classes of
common stock: 10,570,077 as of August 9, 1996.
 
                     DOCUMENTS INCORPORATED BY REFERENCE:
 
  Part III, Proxy Statement relating to 1996 Annual Meeting of Shareholders
(except for the Report of the Compensation Committee of the Board of Directors
and the Performance Graph).
 
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<PAGE>
      
                               TABLE OF CONTENTS
 
<TABLE>    
<CAPTION>
 ITEM
 NO.                               CAPTION                               PAGE
 ----                              -------                              -------
 
                                    PART IV
 
 <C>  <S>                                                               <C>
       Exhibits, Financial Statement Schedules, and Reports on Form 8-
 14.  K...............................................................    1
      Signatures......................................................    2
      List of Exhibits................................................  EXHIBIT
                                                                         INDEX
</TABLE>     
  
<PAGE>
 
   
                                    PART IV
 
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
 
  (a)(1) Financial Statements:
 
       See Part II, Item 8
 
    (2) Financial Statement Schedules:     
 
<TABLE>    
<CAPTION>
                                                                            PAGE
                                                                            ----
      <S>                                                                   <C>
      Report of Independent Public Accountants............................. S-1
      Schedule I........................................................... S-2
      Schedule II.......................................................... S-4
</TABLE>     
 
     
    (3) Exhibits filed:
       See Exhibit Index.
 
  (b)Reports filed on Form 8-K:
 
      None.
 
  (c)Exhibits filed:
 
      See Exhibit Index.
 
  (d)Financial Statements Omitted from Annual Report to Security Holders:
 
      None.     
 
                                       1
<PAGE>
 
                                  SIGNATURES
 
  PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED
ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.
 
                                          SpeedFam International, Inc.
 
                                                 /s/ James N. Farley
                                          _____________________________________
                                          James N. Farley
                                           Chairman of the Board and Chief
                                           Executive Officer
 
  PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THIS
REPORT SIGNED BELOW BY THE FOLLOWING PERSONS ON BEHALF OF THE REGISTRANT AND
IN THE CAPACITIES AND ON THE DATES INDICATED.
 
<TABLE>   
<CAPTION>
                NAME                             TITLE                    DATE
                ----                             -----                    ----
 
 
<S>                                  <C>                           <C>
      /s/ James N. Farley            Chairman, Chief Executive      October 16, 1996
____________________________________   Officer and Director
          James N. Farley
 
       /s/ Makoto Kouzuma            President, Chief Operating     October 16, 1996
____________________________________   Officer and Director
           Makoto Kouzuma
 
      /s/ Roger K. Marach            Treasurer, Assistant           October 16, 1996
____________________________________   Secretary and Chief
          Roger K. Marach              Financial Officer
                                       (Principal financial and
                                       accounting officer)
 
       /s/ Neil R. Bonke             Director                       October 16, 1996
____________________________________
           Neil R. Bonke
 
      /s/ Thomas J. McCook           Director                       October 16, 1996
____________________________________
          Thomas J. McCook
 
        /s/ Stuart Meyer             Director                       October 16, 1996
____________________________________
          Dr. Stuart Meyer
 
       /s/ Robert Miller             Director                       October 16, 1996
____________________________________
           Robert Miller
 
      /s/ Carl S. Pedersen           Director                       October 16, 1996
____________________________________
          Carl S. Pedersen
 
</TABLE>    
 
                                       2
<PAGE>
 
                         INDEPENDENT AUDITORS' REPORT
 
The Board of Directors
SpeedFam International, Inc.:
 
  Under date of July 3, 1996, we reported on the consolidated balance sheets
of SpeedFam International, Inc. and consolidated subsidiaries as of May 31,
1995 and 1996, and the related consolidated statements of earnings,
shareholders' equity, and cash flows for each of the years in the three-year
period ended May 31, 1996, which are included in the Form 10-K. In connection
with our audits of the aforementioned consolidated financial statements, we
also audited the related consolidated financial statement schedules as listed
in Item 14(a)(2) of the Form 10-K. These financial statement schedules are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statement schedules based on our audits.
 
  In our opinion, such financial statement schedules, when considered in
relation to the basic consolidated financial statements taken as a whole,
present fairly, in all material respects, the information set forth therein.
 
                                          KPMG Peat Marwick LLP
 
July 3, 1996
Chicago, Illinois
 
                                      S-1
<PAGE>
 
                                                                      SCHEDULE I
 
                 SPEEDFAM INTERNATIONAL, INC. AND SUBSIDIARIES
 
                       CONDENSED FINANCIAL INFORMATION OF
 
                          SPEEDFAM INTERNATIONAL, INC.
 
                                 BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                                    MAY 31,
                                                                ---------------
                                                                 1995    1996
                                                                ------- -------
                            ASSETS
                            ------
<S>                                                             <C>     <C>
Current assets:
  Cash and cash equivalents.................................... $     1 $ 7,228
  Due from affiliated companies................................     173  16,699
  Prepaid expenses and other current assets....................     536   1,762
                                                                ------- -------
Total current assets...........................................     709  25,689
Investments in subsidiaries and affiliates.....................  27,468  35,595
Property, plant and equipment, net.............................      54   2,624
Other assets...................................................     670     820
                                                                ------- -------
                                                                $28,901 $64,728
                                                                ======= =======
<CAPTION>
             LIABILITIES AND STOCKHOLDERS' EQUITY
             ------------------------------------
<S>                                                             <C>     <C>
Current liabilities:
  Current portion of long-term debt............................ $   207 $   400
  Accounts payable.............................................     156     149
  Due to affiliates............................................   4,486       2
  Accrued expenses.............................................     328     770
  Income taxes.................................................     317   1,381
                                                                ------- -------
Total current liabilities......................................   5,494   2,702
Long-term debt.................................................     534   2,000
Deferred income taxes..........................................     253     420
Stockholders' equity...........................................  22,620  59,606
                                                                ------- -------
                                                                $28,901 $64,728
                                                                ======= =======
</TABLE>
 
                             STATEMENTS OF EARNINGS
<TABLE>
<CAPTION>
                                                            YEARS ENDED,
                                                        -----------------------
                                                         1994    1995    1996
                                                        ------  ------  -------
<S>                                                     <C>     <C>     <C>
Revenue................................................ $   71  $   96  $    22
Cost and operating expenses............................    798     648      251
Other income (expense).................................    251    (151)     342
                                                        ------  ------  -------
Earnings (loss) before income taxes and equity in net
 earnings of subsidiaries and affiliates...............   (476)   (703)     113
Income tax expense (benefit)...........................   (379)     (3)      51
Equity in net earnings of subsidiaries and affiliates..  2,325   2,275   11,664
                                                        ------  ------  -------
Net earnings........................................... $2,228  $1,575  $11,726
                                                        ======  ======  =======
</TABLE>
 
                                      S-2
<PAGE>
 
                 SPEEDFAM INTERNATIONAL, INC. AND SUBSIDIARIES
 
                       CONDENSED FINANCIAL INFORMATION OF
                          SPEEDFAM INTERNATIONAL, INC.
 
                            STATEMENT OF CASH FLOWS
 
                             (DOLLARS IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                                          YEARS ENDED,
                                                    --------------------------
                                                     1994     1995      1996
                                                    -------  -------  --------
<S>                                                 <C>      <C>      <C>
Cash flows from operating activities:
  Net earnings..................................... $ 2,228  $ 1,575  $ 11,726
  Adjustments to reconcile net earnings to net cash
   provided by operating activities:
    Equity in net earnings of subsidiaries and
     affiliates....................................  (2,325)  (2,275)  (11,664)
    Depreciation and amortization..................      90       92       117
    Provision for deferred income taxes............    (302)     (75)   (1,121)
    Gains on sales of assets.......................      (7)     (15)      --
    Increase in cash surrender value...............    (119)    (138)     (142)
    Gain on disposal of FamTec A.G.................    (411)     --        --
    Change in assets and liabilities...............   1,055    1,037   (19,368)
                                                    -------  -------  --------
  Cash flows (used in) provided by operating
   activities......................................     209      201   (20,452)
                                                    -------  -------  --------
  Cash flows from investing activities:
    Capital expenditures...........................     (80)     (42)   (2,589)
    Proceeds from sales of assets..................      21       42       --
    Dividends from subsidiaries and affiliates.....      77       90       163
    Other investing activities.....................     (28)     (32)      (22)
                                                    -------  -------  --------
Net cash provided by (used in) investing
 activities........................................     (10)      58    (2,448)
                                                    -------  -------  --------
Cash flows from financing activities:
  Treasury transactions, net.......................       8      (35)       17
  Net proceeds from issuance of common stock.......     --       --     28,284
  Proceeds from exercise of stock options..........     --       --        254
  Proceeds from long-term debt.....................     --       --      2,500
  Principal payments on long-term debt.............    (267)    (224)     (928)
                                                    -------  -------  --------
Net cash provided by (used in) financing
 activities........................................    (259)    (259)   30,127
                                                    -------  -------  --------
Net increase (decrease) in cash and cash
 equivalents.......................................     (60)     --      7,227
Cash and cash equivalents at beginning of year.....      61        1         1
                                                    -------  -------  --------
Cash and cash equivalents at end of year........... $     1  $     1  $  7,228
                                                    =======  =======  ========
</TABLE>
 
                                      S-3
<PAGE>
 
                                                                     SCHEDULE II
 
                          SPEEDFAM INTERNATIONAL, INC.
 
                       VALUATION AND QUALIFYING ACCOUNTS
       FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED MAY 31, 1995
                             (DOLLARS IN THOUSANDS)
 
<TABLE>
<CAPTION>
                                    CHARGED   CHARGED TO
                                      TO    OTHER ACCOUNTS  DEDUCTIONS
                         BALANCE AT  COSTS   (TRANSLATION  (WRITE-OFFS  BALANCE
                         BEGINNING    AND   ADJUSTMENT AND     AND      AT END
      DESCRIPTION         OF YEAR   EXPENSE  RECOVERIES)   ADJUSTMENTS) OF YEAR
      -----------        ---------- ------- -------------- ------------ -------
<S>                      <C>        <C>     <C>            <C>          <C>
Allowance for doubtful
 accounts:
  1994..................    $209         7        (7)            17     $  192
  1995..................    $192         3         7             15     $  187
  1996..................    $187       314       --               6     $  495
<CAPTION>
                                    CHARGED
                                      TO      CHARGED TO    DEDUCTIONS
                         BALANCE AT  COSTS  OTHER ACCOUNTS   (WRITE-    BALANCE
                         BEGINNING    AND    (TRANSLATION    OFFS OF    AT END
      DESCRIPTION         OF YEAR   EXPENSE  ADJUSTMENTS)   INVENTORY)  OF YEAR
      -----------        ---------- ------- -------------- ------------ -------
<S>                      <C>        <C>     <C>            <C>          <C>
Inventory obsolescence:
  1994..................    $826         4        (4)           665     $  161
  1995..................    $161       305         7            121     $  352
  1996..................    $352     1,804       --           1,097     $1,059
<CAPTION>
                                    CHARGED
                                      TO
                         BALANCE AT  COSTS                              BALANCE
                         BEGINNING    AND     CHARGED TO    DEDUCTIONS  AT END
      DESCRIPTION         OF YEAR   EXPENSE OTHER ACCOUNTS FROM RESERVE OF YEAR
      -----------        ---------- ------- -------------- ------------ -------
<S>                      <C>        <C>     <C>            <C>          <C>
Warranty reserve:
  1994..................    $160       420       --             100     $  480
  1995..................    $480      (145)      --             135     $  200
  1996..................    $200     2,285       --             --      $2,485
</TABLE>
 
                                      S-4
<PAGE>
 
                                 EXHIBIT INDEX
 
<TABLE>
<CAPTION>
 EXHIBIT
 NUMBER                             DESCRIPTION
 -------                            -----------
 <C>     <S>                                                                <C>
   3.1   Articles of Incorporation of the Registrant (incorporated by
         reference to Exhibit 3.1 to the Registrant's Registration
         Statement on Form S-1, File No. 33-95628).
  *3.2   Amended Bylaws of the Registrant.
 *10.1   Revolving Credit Agreement between the Registrant and The First
         National Bank of Chicago and Firstar Bank Milwaukee, N.A. dated
         April 15, 1996.
  10.2   Joint Venture Agreement between the Registrant and Obara
         Corporation, dated November 14, 1970 (incorporated by reference
         to Exhibit 10.3 to the Registrant's Registration Statement on
         Form S-1, File No. 33-95628).
  10.3   License and Technical Service Agreement between the Registrant
         and SpeedFam Co., Ltd., dated November 14, 1970 (incorporated by
         reference to Exhibit 10.4 to the Registrant's Registration
         Statement on Form S-1, File No. 33-95628).
  10.4   Amendment to License and Technical Service Agreement between the
         Registrant and SpeedFam Co., Ltd., dated July 24, 1995
         (incorporated by reference to Exhibit 10.5 to the Registrant's
         Registration Statement on Form S-1, File No. 33-95628).
  10.5   Joint Venture Agreement between the Registrant and Fujimi
         Incorporated, dated September 7, 1984 (incorporated by reference
         to Exhibit 10.6 to the Registrant's Registration Statement on
         Form S-1, File No. 33-95628).
  10.6   Distributorship Agreement between the Registrant and Fujimi
         Incorporated, dated October 1, 1994 (incorporated by reference
         to Exhibit 10.7 to the Registrant's Registration Statement on
         Form S-1, File No. 33-95628).
  10.7   Amendment to Distributorship Agreement between the Registrant
         and Fujimi Incorporated, dated August 3, 1995 (incorporated by
         reference to Exhibit 10.8 to the Registrant's Registration
         Statement on Form S-1, File No. 33-95628).
  10.8   Registrant's 1991 Stock Option Plan ("1991 Plan") (incorporated
         by reference to Exhibit 10.9 to the Registrant's Registration
         Statement on Form S-1, File No. 33-95628).
  10.9   Registrant's 1995 Stock Option Plan ("1995 Plan") (incorporated
         by reference to Exhibit 10.10 to the Registrant's Registration
         Statement on Form S-1, File No. 33-95628).
  10.10  Registrant's 1995 Stock Purchase Plan (incorporated by reference
         to Exhibit 10.11 to the Registrant's Registration Statement on
         Form S-1, File No. 33-95628).
  10.11  SpeedFam Employees' Savings and Profit Sharing Plan and Trust,
         as amended and restated June 1, 1989 (incorporated by reference
         to Exhibit 10.12 to the Registrant's Registration Statement on
         Form S-1, File No. 33-95628).
  10.12  Employment Agreement between the Registrant and James N. Farley
         (incorporated by reference to Exhibit 10.13 to the Registrant's
         Registration Statement on Form S-1, File No. 33-95628).
  10.13  Employment Agreement between the Registrant and Makoto Kouzuma
         (incorporated by reference to Exhibit 10.14 to the Registrant's
         Registration Statement on Form S-1, File No. 33-95628).
  10.14  Employment Agreement between the Registrant and Roger K. Marach
         (incorporated by reference to Exhibit 10.15 to the Registrant's
         Registration Statement on Form S-1, File No. 33-95628).
  10.15  Employment Agreement between the Registrant's subsidiary and
         Christopher E. Augur (incorporated by reference to Exhibit 10.16
         to the Registrant's Registration Statement on Form S-1, File No.
         33-95628).
</TABLE>
 
 
                                       1
<PAGE>
 
<TABLE>   
<CAPTION>
 EXHIBIT
 NUMBER                            DESCRIPTION
 -------                           -----------
 <C>     <S>                                                               <C>
  10.16  Employment Agreement between the Registrant's subsidiary and
         Robert F. Smith (incorporated by reference to Exhibit 10.17 to
         the Registrant's Registration Statement on Form S-1,
         File No. 33-95628).
 *11.1   Statement Re Computation of Per Share Earnings.
  21.1   Subsidiaries of the Registrant (incorporated by reference to
         Exhibit 21.1 to the Registrant's Registration Statement on Form
         S-1, File No. 33-95628).
 *23.1   Consent of KPMG Peat Marwick LLP.
  27.1   Financial Data Schedule
</TABLE>    
--------
   *Previously filed.
 
                                       2