Varian Medical Systems, a manufacturer of medical devices and software for treating cancer and other medical conditions based in California announced it has completed the acquisition of Pan-Pacific Enterprises, an independent distributor of medical X-ray tubes in China, for the purpose of marketing, sales, and distribution of Varian X-ray imaging products in China.
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 has been an independent distributor of imaging components, including Varian X-ray tubes, in China since 1991.
"This acquisition significantly enhances the Varian sales channel for X-ray tubes and flat panel image detectors in China," said Mr Bob Kluge, President of Varian Medical Systems' X-Ray Products business. "We intend to grow our X-Ray Products business in China and the experienced Pan-Pacific team will be instrumental in helping us achieve that objective. Our business specializes in delivering cost competitive, high performance components for X-ray imaging and they are well-suited to serve the growing market for high-quality imaging products in China."
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. Details of the financial transaction are not being disclosed, but Varian expects that Pan Pacific acquisition will be about neutral to earnings per diluted share in fiscal 2008.