PALO ALTO, Calif., Feb. 11 Varian, Inc.(NasdaqGS: VARI) today announced that its Board of Directors has authorizedthe repurchase of up to $100 million in shares of its common stock. The newrepurchase program is effective until December 31, 2009.
"This share repurchase program is another example of our continued focuson capital allocation management to enhance long-term value for ourshareholders," said G. Edward McClammy, Senior Vice President, Chief FinancialOfficer and Treasurer. "With the strength of our cash position, balance sheetand cash flow, we have the financial capacity to complete this repurchaseauthorization and continue our strategy of acquiring businesses thatcomplement our existing product range."
Stock repurchases under this program may be made in the open market or inprivate transactions, at times and in amounts that management deemsappropriate. The timing and actual number of shares repurchased will depend ona variety of factors including price and regulatory requirements.
The Company's previous $100 million stock repurchase program, which wasapproved in January 2007 and effective until December 31, 2008, was completedin February 2008. Under that program, the Company repurchased 1,738,100 sharesof its common stock, including 667,860 shares repurchased for $36.1 million inthe current quarter. As of December 28, 2007, the Company had 30,430,249common shares outstanding.
Varian, Inc. is a leading worldwide supplier of scientific instruments andvacuum technologies for life science and industrial applications. The companyprovides complete solutions, including instruments, vacuum products,laboratory consumable supplies, software, training and support through itsglobal distribution and support systems. Varian, Inc. employs approximately3,900 people worldwide and operates manufacturing facilities in North America,Europe and Asia Pacific. Varian, Inc. had fiscal year 2007 sales of $921million, and its common stock is traded on the NASDAQ Global Select Marketunder the symbol "VARI." Further information is available on the company's Website: http://www.varianinc.com.For Information Contact: Investor Relations Varian, Inc. 650.424.5471 [email protected]
SOURCE Varian, Inc.