Varian, Inc. to Sell Electronics Manufacturing Business for $195 Million
Varian, Inc. announced it entered into a definitive agreement to sell its Electronics Manufacturing business to Jabil Circuit, Inc., a global leader in the electronics manufacturing services (EMS) sector, for approximately $195 million in cash, subject to a working capital adjustment.
"I believe that divesting this non-core business is the ideal way to advance our overall strategy of focusing our resources on growing our core business. Our strategic strength is in the pure play of scientific instruments and vacuum technologies and leveraging the synergies between those two businesses to grow in life sciences," said Garry W. Rogerson, President and Chief Executive Officer, Varian, Inc. "Our strategy of focusing on information rich detection products, including nuclear magnetic resonance, mass spectrometry, infrared and application-based consumables remains unchanged."
As part of Varian, Inc.'s focus on complementary acquisitions to accelerate growth and expand operating margins, the company recently completed two purchases that enhance the company's ability to perform in the spectroscopy and magnetic resonance imaging markets. The infrared product line, including FT-IR and Raman technologies, acquired from Digilab, LLC in September 2004, complements the company's molecular product offering as well as information rich detectors. The acquisition of Magnex Scientific Ltd. in November 2004 provides Varian, Inc. a key competency needed to grow and expand the user base for nuclear magnetic resonance and magnetic resonance imaging applications.
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