-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, srTrF5AncIovcEyijNJsnjynevQ1NwW70wzQfHMiKH6HQE2Z1b0/a53ahXxxkD1o ZWNMLyH7pF5u6mOB2zlfmg== 0000908632-94-000012.txt : 19941021 0000908632-94-000012.hdr.sgml : 19941021 ACCESSION NUMBER: 0000908632-94-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941020 ITEM INFORMATION: Other events FILED AS OF DATE: 19941020 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: VARIAN ASSOCIATES INC /DE/ CENTRAL INDEX KEY: 0000203527 STANDARD INDUSTRIAL CLASSIFICATION: 3670 IRS NUMBER: 942359345 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07598 FILM NUMBER: 94554184 BUSINESS ADDRESS: STREET 1: 3050 HANSEN WAY CITY: PALO ALTO STATE: CA ZIP: 94304-1000 BUSINESS PHONE: 4154934000 MAIL ADDRESS: STREET 1: 3050 HANSEN WAY CITY: PALO ALTO STATE: CA ZIP: 94304-1000 FORMER COMPANY: FORMER CONFORMED NAME: VARIAN DELAWARE INC DATE OF NAME CHANGE: 19761123 8-K 1 CURRENT REPORT ON FORM 8-K 10/20/94 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): October 20, 1994 VARIAN ASSOCIATES, INC. (Exact Name of Registrant as Specified in Charter) Delaware 1-7598 94-2359345 (State or Other (Commission File (IRS Employer Jurisdiction of Number) Identification No.) Incorporation) 3050 Hansen Way, Palo Alto, CA 94304-1000 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (415) 493- 4000 Inapplicable (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On October 20, 1994, the registrant announced that it will seek a buyer for its Electron Devices operations and issued a press release announcing this development. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. 99.1 -- Press Release of Varian Associates, Inc. issued on October 20, 1994. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VARIAN ASSOCIATES, INC. (Registrant) Date: October 20, 1994 By: /s/ Joseph B. Phair Joseph B. Phair Vice President, General Counsel and Secretary EXHIBIT INDEX Exhibit Number Exhibit 99.1 Press Release of Varian Associates, Inc. issued on October 20, 1994. EX-99.1 2 PRESS RELEASE ISSUED ON 10/20/94 VARIAN TO SELL ONE OF FOUR CORE BUSINESSES Palo Alto, Calif. -- Varian Associates, Inc., today announced that it will seek a buyer for its Electron Devices operations, the smallest and oldest of its four core businesses. According to J. Tracy O'Rourke, Varian's chairman and chief executive, the business to be offered for sale has assets approaching $150 million. In fiscal 1994, it posted sales of $275 million and had pretax earnings of $18 million. Varian's Electron Devices business produces vacuum tubes, power supplies, amplifiers and other products, largely for communications, medical, and defense markets. It is staffed by some 1,700 persons, primarily at plants in Palo Alto, San Carlos, and Santa Clara, Calif.; Beverly, Mass.; and Georgetown, Canada. According to O'Rourke, the decision to sell the smallest of its four major business segments allows Varian to exit what is essentially a components business and intensify its focus on faster growing equipment segments serving the health care, semiconductor equipment, and instruments markets. He emphasized, however, that the sale would not go forward unless a price was achieved that recognized the increased profitability and improving value Varian's Electron Devices activities have attained in recent years. The investment banking firm of Morgan Stanley & Co. Inc. has been retained to identify potential buyers and assist with the sale. O'Rourke said the bulk of the sale proceeds would be earmarked for the repurchase of additional Varian shares, although some of the funds could also be used for selected acquisitions to expand the three remaining core businesses. In a separate announcement made earlier today, Varian reported that its orders, sales, and profits all hit all-time highs in fiscal 1994. The 46-year-old technology company had net earnings of $79.4 million on sales of $1.5 billion for FY94. -----END PRIVACY-ENHANCED MESSAGE-----