Palo Alto, California (February 16, 1999): Varian Associates, Inc., today announced that it has been advised by the U.S. Internal Revenue Service (IRS) that it will receive a favorable ruling on the company's plan to reorganize into three separate, public companies allowing the proposal to be treated as a tax-free transaction for shareholders.
The company said the IRS ruling is one of the final steps in the process which will see it spin off two of its three core business segments to form three independent, publicly-traded companies. The plan is scheduled to be presented for stockholder approval at Varian's 1999 annual meeting on February 18, 1999.
With stockholder approval, the company said the spin-offs are expected to be implemented in early April.
Varian is the world's leading manufacturer of medical accelerators and related radiotherapy products for the treatment of cancer. Over 100,000 cancer patients are helped each day on Varian equipment. Varian's products include the Clinac® family of medical linear accelerators, VariSource™ brachytherapy systems, Ximatron® simulators, CADPlan computerized treatment planning systems, and the VARiS® information system. More than 3,500 Varian systems are in place around the world, treating over a million patients each year. Varian is also the world's largest manufacturer of X-ray tubes used in CT scanners and mammography and other medical imaging systems.
FOR INFORMATION CONTACT:
Christine Oliver, Varian Medical Systems
+1 (650) 424-5033