Varian purchases Chinese x-ray tube distributor
The Palo Alto, Calif.-based Varian said it is acquiring the privately held company 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 its x-ray tubes, in China since 1991.
Bob Kluge, president of Varian’s x-ray products business, said the acquisition will expand the “sales channel for x-ray tubes and flat panel image detectors in China.”
Pan-Pacific, 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 transaction are not being disclosed, but Varian said that it expects the acquisition will be about neutral to earnings per diluted share in fiscal 2008.