Why the Change
Varian Medical Systems has announced plans to spin-off the Imaging Components business as a new independent stand-alone public company – Varex Imaging Corporation.
The change will give two fundamentally different businesses independence to optimize their strategies and operations to enhance their growth. The objectives and growth strategies of the imaging components and oncology businesses are now taking different directions.
Making these businesses independent will give each more freedom to invest in and pursue new growth strategies in the unique core markets.
The two companies sound so similar in name and that is no mistake, Varex is paying homage to its parent company’s proud legacy of imaging expertise—a legacy it will rely on to innovate for the future.
- Varex will become a new independent publicly traded company, which will be spun off by means of a tax-free distribution to Varian stockholders.
- This enables Varian to focus on expanding its position as a global medical company with leading technology for cancer treatments.
- The spin-off will also empower Varex to grow beyond medical industry as a global leader in components, software and services for expanded imaging applications and markets.
- This anticipated completion date is January 28, 2017.
“This business will be able to capitalize on trends in digital imaging and build a larger presence in security and industrial applications,” Wilson said. “The new company will be able to leverage its world-renowned X-ray engineering team to work with equipment manufacturers and system integrators to develop new, next-generation imaging systems.”
Dow Wilson - CEO of Varian Medical Systems.