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PALO ALTO, Calif., April 7, 2008 /PRNewswire-FirstCall/ -- Varian, Inc.
(NasdaqGS: VARI) announced today that it has acquired Oxford Diffraction,
Ltd., a privately owned company based in Abingdon, U.K. Oxford Diffraction is
a leader in x-ray crystallography, an analytical technique used by scientists
in pharmaceutical research and other research laboratories to determine the
structure of both small molecules and large molecules such as proteins.
For crystalline compounds, x-ray crystallography is the most powerful
technique available for structural analysis. Nuclear magnetic resonance (NMR)
provides complementary structural information for compounds in the solid state
and also structural information for compounds in solutions.
"The acquisition of Oxford Diffraction is key to Varian's goal of
broadening its range of information-rich detection products for life science
research," said Garry W. Rogerson, President and CEO, Varian, Inc. "Oxford
Diffraction has experienced rapid growth since its formation in 2001 and has
established a strong reputation in single crystal X-ray crystallography,
particularly in Europe. Oxford Diffraction products will now be distributed
on a global basis via Varian's worldwide distribution network."
"In addition to the obvious benefit to our business of a much larger
distribution and support organization, the sale of Oxford Diffraction to
Varian brings a number of additional important advantages," said Paul Loeffen
CEO of Oxford Diffraction. "We now have the opportunity to offer customers
more powerful solutions through combinations of complementary information-rich
techniques to include X-ray crystallography, nuclear magnetic resonance (NMR)
spectrometry and liquid chromatography-mass spectrometry (LC-MS).
Furthermore, as part of Varian, we look forward to continuing the development
of innovative technologies and products for our customers."
"Existing Oxford Diffraction customers will continue to benefit from the
same dedicated and attentive customer support and applications team at Oxford
Diffraction but with the additional resources of Varian's worldwide support
organization," said David Warner, Customer Support Group Manager at Oxford
Diffraction. "One of our strengths has been a tailored and personal support
experience for our customers. This will not change since our customers will
be dealing with the same people. The support of the Varian network will
simply enhance this experience."
Varian, Inc. acquired Oxford Diffraction for approximately $37 million in
cash and assumed net debt (subject to certain net asset adjustments). The
transaction also includes an opportunity for additional purchase price
payments over three years, dependent on future financial performance. Those
future payments could total up to $10 million if aggressive performance
targets are achieved. Oxford Diffraction generated revenues of approximately
$15 million for the twelve months ended March 31, 2008. Varian, Inc. will
provide further details on the acquisition during its webcast conference call
to review its fiscal year 2008 second quarter financial results later this
This acquisition is part of Varian, Inc.'s strategy to strengthen the
company's portfolio of information-rich detection products, through internal
research and development as well as the acquisition of complementary products
Varian, Inc. is a leading worldwide supplier of scientific instruments and
vacuum technologies for life science and industrial applications. The company
provides complete solutions, including instruments, vacuum products,
laboratory consumable supplies, software, training and support through its
global distribution and support systems. Varian, Inc. employs approximately
3,900 people worldwide and operates manufacturing facilities in North America,
Europe and Asia Pacific. Varian, Inc. had fiscal year 2007 sales of $921
million, and its common stock is traded on the NASDAQ Global Select Market
under the symbol, "VARI." Further information is available on the company's
Web site: http://www.varianinc.com.
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SOURCE Varian, Inc.
Web site: http://www.varianinc.com