Varian

The company said the divestiture to Varian Medical Systems would allow it to concentrate on investing in high-growth parts of its business.

NEW YORK (GenomeWeb) – Agilent Technologies announced today that it is exiting the nuclear magnetic resonance market, saying that its business in this area "has not met growth and profitability objectives."

CEO Bill Sullivan cited the 1290 Infinity LC and the recently introduced 1260 Infinity and 1220 Infinity platforms as drivers of the company's liquid chromatography business.

The rating agency raised its outlook on Agilent to 'positive' from 'stable' due to "greater confidence in Agilent's operating and financial profile."

The company made the disclosures as part of Agilent's fiscal second-quarter earnings report, which showed that total revenues grew 16 percent and that a net loss in the prior-year period swung to a profit in the current quarter.

The lines, which Agilent divested in order to receive European Commission approval for its $1.5 billion acquisition of Varian, will form the core of Bruker's new Chemical Analysis Division.

Bruker has completed its acquisition of three product lines from Varian, which it expects will "perfectly complement" its portfolio of mass spectrometry products.

Agilent completed the $1.5 billion deal after receiving confirmation from regulatory bodies that it had met the conditions required for the acquisition.

The $1.5 billion acquisition was announced almost a year ago, but its completion has been held up by regulatory bodies in the US and EU.

Bruker's new Chemical Analysis division will include the product lines it has agreed to acquire from Varian.

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