Varian Medical Systems2007-04-25 15:29:21
Varian Medical Systems Signs Agreement to Acquire Bio-Imaging Research; Acquisition to Strengthen Varian's Security and Inspection Product Offerings
PALO ALTO, Calif., April 25 /PRNewswire-FirstCall/ -- Varian Medical Systems, Inc. (NYSE: VAR) today announced it has signed an agreement to acquire Bio-Imaging Research, Inc. (BIR), a privately-held supplier of X-ray imaging products for security and inspection. The acquisition will enable Varian to offer security and inspections customers X-ray imaging detectors and image processing software in addition to its existing line of specialized linear accelerators for cargo screening, inspection and non-destructive testing (NDT). Varian expects to pay approximately $21 million to acquire BIR, which is based in Lincolnshire, IL.
"The BIR technology will enable Varian to offer customers more complete X- ray imaging solutions for cargo screening, industrial inspection and non- destructive testing," said Timothy E. Guertin, president and CEO of Varian Medical Systems. "This expands our offering from components to a complete mega-voltage X-ray imaging chain for cargo screening as well as complete systems for non-destructive testing."
"This enhances our growth opportunity in the important security and NDT markets by expanding our product offerings for customers who manufacture systems for cargo screening. It also gives us the ability to design and offer complete systems for NDT," Guertin added. "BIR has a strong management and product development team that has established a reputation for imaging excellence and innovation in the markets it has served for more than 25 years."
BIR, which has approximately 50 employees, will continue to operate in its current facility in Lincolnshire, IL. It will operate under Varian's Security and Inspection Products (SIP) business unit and report to SIP General Manager Robert Drubka under Varian Vice President Lester Boeh.
Varian anticipates the acquisition will add revenues of approximately $5 million for the remainder of fiscal 2007, and will be nearly neutral to diluted earnings per share in fiscal 2007.
To date, Varian has shipped more than 500 linear accelerators for cargo screening and NDT.
PALO ALTO, Calif., April 25 /PRNewswire-FirstCall/ -- Varian Medical Systems, Inc. (NYSE: VAR) today announced it has signed an agreement to acquire Bio-Imaging Research, Inc. (BIR), a privately-held supplier of X-ray imaging products for security and inspection. The acquisition will enable Varian to offer security and inspections customers X-ray imaging detectors and image processing software in addition to its existing line of specialized linear accelerators for cargo screening, inspection and non-destructive testing (NDT). Varian expects to pay approximately $21 million to acquire BIR, which is based in Lincolnshire, IL.
"The BIR technology will enable Varian to offer customers more complete X- ray imaging solutions for cargo screening, industrial inspection and non- destructive testing," said Timothy E. Guertin, president and CEO of Varian Medical Systems. "This expands our offering from components to a complete mega-voltage X-ray imaging chain for cargo screening as well as complete systems for non-destructive testing."
"This enhances our growth opportunity in the important security and NDT markets by expanding our product offerings for customers who manufacture systems for cargo screening. It also gives us the ability to design and offer complete systems for NDT," Guertin added. "BIR has a strong management and product development team that has established a reputation for imaging excellence and innovation in the markets it has served for more than 25 years."
BIR, which has approximately 50 employees, will continue to operate in its current facility in Lincolnshire, IL. It will operate under Varian's Security and Inspection Products (SIP) business unit and report to SIP General Manager Robert Drubka under Varian Vice President Lester Boeh.
Varian anticipates the acquisition will add revenues of approximately $5 million for the remainder of fiscal 2007, and will be nearly neutral to diluted earnings per share in fiscal 2007.
To date, Varian has shipped more than 500 linear accelerators for cargo screening and NDT.
For more information contact:
Securiy & Inspection Products
6883 Spencer Street
Las Vegas
Nevada
89119
United States Of America
Tel: 702-938-4859
Fax: 702-938-4833