Well, If Anybody is here ??? ---
VAR --(Varian Associates) is now Varian Medical Systems (VMS).
Two Spinoffs of Varian Instruments, and Varian Semiconductors
will occur on April 2, 1999.
VARI -- will be Varian Inc, an Instruments Company. (on 4/2/99)
VSEA -- Will be Varian Semiconductor Equipment Associates Inc. (on 4/2/99)
I think I have that right .
Mardy.
Shares In Varian Spin-Offs Begin Trading
PALO ALTO, Calif., -- March 24, 1999 -- Varian Associates, Inc., took a
major step toward completing its reorganization into three public companies
today when shares in its instruments and semiconductor equipment spin-off
companies began trading on a when-issued basis as National Association of
Securities Dealers (NASDAQ) listed securities. The instruments company,
known as Varian, Inc., uses the when-issued symbol VARIV; while the chip
equipment entity, which will take the name Varian Semiconductor Equipment
Associates, Inc., is identified by the when-issued symbol VSEAV. (After
shares are issued, the V at the end will be dropped from both symbols.)
Varian Associates, Inc., which will be renamed Varian Medical Systems,
Inc., will continue to be listed on the New York Stock Exchange and will
retain the symbol VAR. On or about March 25, VAR shares are expected to
begin trading on an ex-distribution when-issued basis under the symbol
VAR-WI (reflecting only the remaining medical equipment operation) in
addition to the current consolidated basis through April 1, 1999.
Shares in the two spin-off companies will be distributed on April 2, 1999 to
Varian Associates shareholders of record on March 24, 1999.
Varian Medical Systems, Inc. (VMS) will continue to be headed by Richard
M. Levy, 60, a Varian Associates executive vice president, who will take the
new title of president and chief executive officer. VMS is the world's largest
supplier of radiotherapy systems for cancer treatment as well as the leading
supplier of X-ray tubes for original equipment and replacement applications. It
had sales of US$542 million in fiscal 1998.
Varian, Inc. (VI) will continue to be led by Allen J. Lauer, 61, now a Varian
Associates executive vice president, who will assume the new title of
president and chief executive officer. VI is a major manufacturer of
analytical and research instruments for a variety of industrial and scientific
uses. The new company also makes and markets vacuum pumps and leak
detection equipment and operates an advanced circuit board manufacturing
center which serves both internal and contract customers. VI sales in fiscal
1998 totaled US$558 million.
Varian Semiconductor Equipment Associates (VSEA) will continue to be
directed by Richard A. Aurelio, 54, currently a Varian Associates executive
vice president, who will serve as the new company's president and chief
executive officer. VSEA manufactures and services ion implantation systems
which perform a key step in the chip manufacturing process. Its fiscal 1998
sales amounted to US$343 million.
Varian Associates, Inc., based in Palo Alto, Calif., is a $1.4 billion, diversified,
high-technology company with core businesses in semiconductor
manufacturing equipment, analytical instruments, and health care systems that
provide products and services to worldwide markets. It operates
manufacturing facilities in North America, Europe, Asia, and Australia and
has sales and service offices worldwide.
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