Varian, Inc. Completes Electronics Manufacturing Divestiture
Varian, Inc. to Focus Efforts on Scientific Instruments and Vacuum Technologies Businesses
Varian, Inc. completed the previously announced sale of its Electronics Manufacturing business to Jabil Circuit, Inc. for $195 million (subject to a post-closing working capital adjustment). According to Varian, Inc., the sale of the Electronics Manufacturing business will allow the company to advance its overall strategy of growing the Scientific Instruments and vacuum Technologies segments by focusing all of its resources on that core business.
The company previously announced that it would initiate repurchases of up to $145 million of its common stock upon successful completion of the divestiture. That repurchase program is now in effect and replaces a previous authorization to repurchase up to 1,000,000 shares, under which approximately 800,000 shares were repurchased since the company announced the definitive agreement to sell its Electronics Manufacturing business on February 7, 2005.
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