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.