Varian To Spin Off Imaging Business Into Standalone, Public Company

Varian Medical Systems Inc. will spin off its imaging components business as a standalone, publicly traded company by the end of the year, the Palo Alto, Calif., medical equipment maker said in a statement late Monday. "The spin-off will create two strong, independent companies," Chief Executive Dow Wilson said. "It will enable Varian to focus on expanding its position as a global cancer company with leading technology and services. It will empower the new company to grow as a global leader in components, software and services for expanded imaging applications and markets." The new imaging components company is expected to have yearly sales of about $575 million and 1,300 employees worldwide. Shares of Variant were flat late Monday after ending the regular session down 0.8%.