Oxford Instruments Regulatory News (OXIG)

7 Apr 2008 07:01

Oxford Instruments PLC07 April 2008 April 7 2008 Oxford Instruments plc Disposal of holding in Oxford Diffraction Limited. Oxford Instruments plc ("Oxford Instruments"), the high technology tools andsystems company, today announces the disposal of its 23% holding in OxfordDiffraction Limited ("Oxford Diffraction") to Varian, Inc. for a cashconsideration of £3.5m. An additional cash amount of up to £1.1m may be receivedover the next three years conditional on the performance of Oxford Diffraction.The cash will be used to reduce Oxford Instruments' debt. Oxford Diffraction, based in Abingdon, near Oxford in the UK, was spun out ofOxford Instruments plc in March 2001 in order to develop, manufacture and supplyanalytical instrumentation for X-ray crystallography. As this technique was notcore to Oxford Instruments it was decided to develop it as an independentcompany using outside capital and resources. Oxford Instruments has treated its holding in Oxford Diffraction Limited as aninvestment, the carrying value of which was £0.3m at 30 September 2007. Thisdisposal will result in a non-recurring profit, before costs, of approximately£3.2m on the initial consideration of £3.5m. Enquiries: Oxford Instruments plc Tel: 01865 393 200Jonathan Flint, Chief ExecutiveKevin Boyd, Group Finance Director Hogarth Partnership Tel: 020 7357 9477Rachel HirstAndrew JaquesIan Payne Notes to Editors Oxford Instruments designs, supplies and supports high-technology tools,processes and solutions with a focus on physical science, bioscience,environmental and industrial research and applications. It provides solutionsneeded to advance fundamental nanoscience research and its transfer intocommercial nanotechnology applications. Innovation has been the driving forcebehind Oxford Instruments' growth and success for over 40 years, and itsstrategy is to effect the successful commercialisation of these ideas bybringing them to market in a timely and customer-focused fashion. The first technology business to be spun out from Oxford University over fortyyears ago, Oxford Instruments is now a global company with over 1,300 staffworldwide and a listing on the London Stock Exchange (OXIG). Its objective is tobe the leading provider of new generation tools and systems for the PhysicalScience and Bioscience sectors. This involves the combination of core technologies in areas such as lowtemperature and high magnetic field environments, Nuclear Magnetic Resonance,X-ray electron and optical based metrology, and advanced growth, deposition andetching. Our products, expertise, and ideas address global issues such asenergy, environment, terrorism and health and are part of the next generation oftelecommunications, energy products, environmental measures, security devices,drug discovery and medical advances. This information is provided by RNS The company news service from the London Stock Exchange