Varian Medical Systems completes acquisition of ACCEL Instruments GmbH
31 January 2007
Palo Alto, Calif., USA. Varian Medical Systems, Inc.,
(NYSE:VAR) today announced it has successfully completed the acquisition of
ACCEL Instruments GmbH, a privately-held supplier of scientific research
instruments and proton therapy systems for cancer treatment. Varian paid
approximately $30 million to acquire 100% of ACCEL, including its bank debt.
"We are pleased to add this promising new business to our growth portfolio,"
said Tim Guertin, president and CEO of Varian Medical Systems. "With ACCEL
Instruments, we have the opportunity to build a several hundred million
dollar business based on improving cancer care with a clinically practical
and affordable system for proton therapy."
ACCEL has approximately $30
million in annual revenues. Management expects that the addition of ACCEL's
operations will reduce earnings per diluted share by about $0.06 to $0.07 to
between $1.82 and $1.85 in fiscal year 2007, be about neutral in fiscal year
2008, and be accretive thereafter. Results for ACCEL will be included in
Varian's "Other" business category.
ACCEL, which is based in Bergisch
Gladbach near Cologne, Germany, has about 250 employees. The business will
report to Varian Vice President Lester Boeh, who is responsible for managing
Varian's portfolio of emerging businesses.