Yokogawa will receive around $106 million from the transaction, including $98 million from Agilent for its 49-percent share in the joint venture and $7.5 million in dividends from Yokogawa Analytical Systems.
The companies formed the joint venture in 1992 to develop and market the ICP/MS, an analytical system used in gas chromatography.
At the time, Agilent transferred its sales and support of advanced laboratory analytical systems to Yokogawa Analytical Systems, while Yokogawa Electric transferred all of its laboratory business, including equipment under development, to the joint venture.
The joint venture had sales of more than $160 million in fiscal 2005, the companies said.
Agilent and Yokogawa said in a statement that the joint venture had "achieved its original objectives set 13 years ago," and that Agilent decided to make Yokogawa Analytical Systems a wholly owned subsidiary in order to expand the market presence for its products and services in