PALO ALTO, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Varian, Inc. today announced that its Board of Directors has authorized the repurchase of up to $100 million in shares of its common stock. This repurchase program is effective until September 30, 2007.
“This new share repurchase program is another example of our continued focus on capital allocation management to enhance long-term value for our shareholders,” said G. Edward McClammy, Senior Vice President, Chief Financial Officer and Treasurer, Varian, Inc. “With the strength of our cash position, balance sheet and cash flow, we have the financial capacity to complete this repurchase authorization and continue our strategy of acquiring businesses that complement our existing product range, and move us toward the internal goals we previously set forth.”
Stock repurchases under this program may be made in the open market or in private transactions, at times and in amounts that management deem appropriate. The timing and actual number of shares purchased will depend on a variety of factors such as price, regulatory requirements, and other factors.
The Company’s previous $145 million stock repurchase program, effective following its divestiture of its Electronics Manufacturing business in March 2005, was completed in August 2005. Under that program, the Company repurchased 3,969,541 shares of its common stock. During fiscal year 2005 ended September 30, 2005, the Company repurchased a total of 4,771,094 shares of its common stock. As of September 30, 2005, the Company had 31,016,473 common shares outstanding.
Varian, Inc. is a leading worldwide supplier of scientific instruments and vacuum technologies for life science and industrial applications. The company provides complete solutions, including instruments, vacuum components, laboratory consumable supplies, software, training, and support through its global distribution system. Varian, Inc. employs approximately 3,700 people and operates manufacturing facilities in 13 locations in North America, Europe, and the Pacific Rim. Varian, Inc. had fiscal year 2005 sales of $773 million (excluding the divested Electronics Manufacturing business), and its common stock is traded on Nasdaq under the symbol, “VARI.” Further information is available on the company’s Web site: www.varianinc.com.
For More Information, Contact: Varian, Inc. Investor Relations ir@varianinc.com 650-213-8000, ext. 3752
Varian, Inc.
CONTACT: Investor Relations of Varian, Inc., +1-650-213-8000, ext. 3752,or ir@varianinc.com
Web site: http://www.varianinc.com/
