Varian sells electronics manufacturing business to Jabil
Palo Alto, CA—To better concentrate on its core technologies and repurchase shares, Varian Inc. reports that it has sold its electronics manufacturing business to Jabil Circuit Inc. for $195 million, pending a post-closing working capital adjustment.
Palo Alto, CA— Varian Inc. reports that it has sold its electronics manufacturing business to Jabil Circuit Inc. for $195 million, pending a post-closing working capital adjustment. Varian adds that selling its electronics unit will allow it to grow its scientific instruments and vacuum technologies divisions by focusing all its resources on these two divisions.
In addition, Varian previously announced that it would start to repurchase up to $145 million of its common stock when it completed the present divestiture. That repurchase program is now in effect, and replaces a previous authorization to repurchase up to 1 million shares, of which approximately 800,000 shares have been repurchased since Varian agreed to sell its electronics manufacturing business in February 2005.
Varian supplies scientific instruments and vacuum technologies for life science and industrial applications. The company provides complete solutions, including instruments, vacuum components, laboratory consumable supplies, software, training, and support through its global distribution system.
Control Engineering Daily News Desk
Jim Montague, news editor