Varian, Inc. Finalizes Magnex Scientific Ltd. Acquisition
Varian, Inc. (Nasdaq: VARI) today completed its previously announced acquisition of Magnex Scientific Limited. Magnex, located in Oxford, United Kingdom, is a world leader in the design and manufacture of magnetic resonance (MR) imaging magnets and is a major supplier of vertical high-resolution nuclear magnetic resonance (NMR) magnets, superconducting magnets for Fourier Transform mass spectroscopy (FT-MS), and MR microscopy gradients. Varian, Inc. had announced a definitive agreement for the acquisition on October 11, 2004.
According to Varian, Inc., the acquisition of Magnex will help to advance the Company’s drive into MR imaging and, correspondingly, its growth in the areas of pharmaceutical and medical research. Since magnet technology is core to both MR imaging and high-resolution NMR, having this capability further supports Varian, Inc.’s efforts to expand the use of these information rich detectors. Magnex will be operated as a wholly owned subsidiary of Varian, Inc.
Varian, Inc. is a major supplier of scientific instruments, vacuum technologies, and specialized contract electronics manufacturing services. These businesses serve a broad range of life science and industrial customers worldwide. The company manufactures in 14 locations in North America, Europe, and the Pacific Rim and employs some 4,400 people. Varian, Inc. had fiscal year 2003 sales of $848 million. Additional information about Varian, Inc. is available at www.varianinc.com .
