LONDON (Thomson Financial) - Oxford Instruments Plc. said it has sold its 23
percent holding in Oxford Diffraction Ltd. to Varian Inc. for up to 4.6 million
pounds.
The high technology tools and systems company said this disposal will result
in a non-recurring profit, before costs, of about 3.2 million pounds on the
initial consideration of 3.5 million.
Oxford Instruments said it will use the cash received to reduce its debt.
Oxford Diffraction was spun out of Oxford Instruments in March 2001 to
develop analytical instrumentation for X-ray crystallography. As this technique
was not core to the company it was decided to develop it as an independent
company using outside capital and resources.
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