Varian is acquiring the privately held business for approximately $2 million in cash plus an additional amount based on achievement of specified milestones.
Pan-Pacific Enterprises, which has approximately 30 employees working at facilities in Beijing and Shanghai, will operate within Varian’s x-ray products business segment. Varian expects that Pan Pacific acquisition will be about neutral to earnings per diluted share in fiscal 2008.
Bob Kluge, president of x-ray products business, Varian Medical Systems, said: “This acquisition significantly enhances the Varian sales channel for X-ray tubes and flat panel image detectors in China.”