Varian, Inc. announced that it has acquired PL International Limited, and its subsidiaries including Polymer Laboratories Ltd. for approximately $42 million in cash net of acquired cash, subject to certain net asset adjustments. The transaction also includes an opportunity for additional purchase price payments over three years, depending on future financial performance. Those future payments could total up to $23 million if aggressive performance targets are achieved. Polymer Laboratories develops consumables and instrumentation for advanced polymer analysis, including columns, standards and specialist chromatography systems dedicated to Gel Permeation Chromatography (GPC) analysis. Polymer Laboratories also manufactures systems for high throughput screening and process monitoring applied to polymeric materials.
For HPLC, Polymer Laboratories manufactures robust polymeric media and columns for biochromatography, and specialist detectors. For the pharmaceutical and clinical diagnostic industries, Polymer Laboratories manufactures resins for drug development and pharmaceutical process applications, and clinical diagnostic polymer particles.
Polymer Laboratories generated revenues of approximately $22 million for the twelve months ended September 30, 2005. The acquisition is part of Varian, Inc.'s strategy to strengthen the Company's product portfolio, especially in the focus area of laboratory consumables, with internal research and development efforts and strategic acquisitions of complementary products and technologies.