PALO ALTO, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Varian, Inc. (NasdaqGS: VARI) today announced that its Board of Directors has authorized the repurchase of up to $100 million in shares of its common stock. The new repurchase program is effective until December 31, 2009.
“This 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. “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.”
Stock repurchases under this program may be made in the open market or in private transactions, at times and in amounts that management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price and regulatory requirements.
The Company’s previous $100 million stock repurchase program, which was approved in January 2007 and effective until December 31, 2008, was completed in February 2008. Under that program, the Company repurchased 1,738,100 shares of its common stock, including 667,860 shares repurchased for $36.1 million in the current quarter. As of December 28, 2007, the Company had 30,430,249 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 products, laboratory consumable supplies, software, training and support through its global distribution and support systems. Varian, Inc. employs approximately 3,900 people worldwide and operates manufacturing facilities in North America, Europe and Asia Pacific. Varian, Inc. had fiscal year 2007 sales of $921 million, and its common stock is traded on the NASDAQ Global Select Market under the symbol “VARI.” Further information is available on the company’s Web site: http://www.varianinc.com.
ir@varianinc.com
CONTACT: Investor Relations of Varian, Inc., +1-650-424-5471,
ir@varianinc.com
Web site: http://www.varianinc.com/
