Varian Associates Wednesday said that it will complete its reorganization into three independent, public companies at the end of this week when it distributes shares in its instruments and semiconductor-equipment spin-offs to shareholders of record.
The spin-offs, known as Varian and Varian Semiconductor Equipment Associates, respectively, are being traded on theNasdaq on a when-issued basis. Varian Associates, based in Palo Alto, Calif., will take the name Varian Medical Systems, which will continue to trade on the New York Stock Exchange as a pure-play medical-equipment company.
Varian's board of directors is being reconfigured to accommodate
the spin-offs. J. Tracy O'Rourke, Varian Associates' chairman and
CEO, will serve as chairman of the Semiconductor Equipment
Associates board, which will also include that company's president
and CEO, Richard A. Aurelio. The chip-gear maker said it is aiming to be
a pure-play supplier of ion-implant systems.
Varian Associates said results for the second quarter of fiscal 1999
will be released approximately 30-45 days after the close of the
quarter on April 2, due to the accounting complexities involved in
completing the reorganization.