Varian Medical Systems announced in July that Varex Imaging Corporation will be the name for its imaging components business upon the completion of the planned spin-off of that business as a new, stand-alone public company via a tax-free distribution to Varian stockholders in a transaction anticipated to be completed by the end of calendar year 2016.
The Varex Imaging name will draw from the 65-plus years of technology leadership and strong industry brand recognition of Varian and its reputation in X-ray imaging technology. As an independent company, Varex Imaging will pursue new growth strategies by leveraging its position as a global leader in components, software and services for expanded imaging applications and markets.
Varian Imaging Components president Sunny Sanyal, who will assume the role of CEO of Varex Imaging upon completion of the spin-off, stated, ‘As a trusted imaging components partner, we have a laser focus on providing our customers with high-quality and cost effective products that enable them to develop and deliver new next-generation imaging systems. Excellence in imaging is a top priority and this is evident in the new company name.’
Varian Imaging Components is a leading global supplier of components, software and engineering services for imaging equipment manufacturers and system integrators in the medical diagnostics, dentistry, veterinary care, security and industrial inspection industries. It manufactures X-ray tubes, high energy X-ray sources, flat panel image detectors, connectors, collimators and image processing software; all key components of X-ray imaging systems. The planned spin-off of Varian Imaging Components is subject to numerous conditions, including final approval by the Varian Board of Directors, effectiveness of a Registration Statement on Form 10 to be filed with the Securities and Exchange Commission, and receipt of an opinion of counsel regarding the federal income tax treatment of the spin-off.