Scientific instrument and vacuum technologies vendor Varian has bolstered its drive into the MRI market by entering into a definitive agreement to acquire superconducting magnet manufacturer Magnex Scientific of Oxford, U.K., for $32 million in cash and assumed net debt, subject to certain net asset adjustments, according to the Palo Alto, CA-based company.
Varian expects the acquisition to generate external revenues of $15 million to $18 million in the first year, excluding internal magnet shipments for its existing nuclear magnetic resonance (NMR) and MR imaging product lines. Magnex currently provides about $10 million annually of product, mainly MR imaging magnets, to Varian, the company said.
By AuntMinnie.com staff writers
October 11, 2004
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