SALT LAKE CITY, April 29, 2019 /PRNewswire/ -- Varex Imaging
Corporation (Nasdaq: VREX) has completed the previously announced
acquisition of Direct Conversion AB (publ), a Stockholm-based leading manufacturer and
marketer of linear array digital detectors utilizing photon
counting and charge integrating technologies.
Varex paid €62.1 million for approximately 97.4% of the
outstanding shares of common stock of Direct Conversion and assumed
€2.6 million of Direct Conversion net debt for a total acquisition
price of €64.7 million. In addition, the Direct Conversion
shareholders will receive €10 million of deferred compensation,
subject to certain adjustments, payable on the first anniversary of
the closing of the transaction in a mixture of Varex common stock
and cash.
Varex funded the acquisition using $7
million of available cash and $64
million of debt under its existing credit facility, as
amended on March 21, 2019.
About Direct Conversion
Under its Ajat and XCounter brands, Direct Conversion provides
innovative linear array digital detector products that are
incorporated into imaging systems used globally by a broad range of
medical and industrial customers: systems used by orthodontists,
orthopedic radiographers, oil and gas engineers, food packagers and
nuclear site inspectors. Direct Conversion is one of the world's
largest manufacturers of CdTe detectors. For more information about
Direct Conversion visit directconversion.com.
About Varex
Varex Imaging Corporation is a leading innovator, designer and
manufacturer of X-ray imaging components, which include X-ray
tubes, digital detectors and other image processing solutions that
are key components of X-ray imaging systems. With a 65+ year
history of successful innovation, Varex's products are used in
medical imaging as well as in industrial and security imaging
applications. Global OEM manufacturers incorporate the company's
X-ray sources, digital detectors, connecting devices and imaging
software in their systems to detect, diagnose and protect.
Headquartered in Salt Lake City,
Utah, Varex employs approximately 2,000 people located at
manufacturing and service center sites in North America, Europe, and Asia. For more information
about Varex, visit vareximaging.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements involve risks and uncertainties that could cause
the company's actual results to differ materially from those
anticipated. While forward-looking statements are based on
assumptions and analyses made by us that we believe to be
reasonable under the circumstances, whether actual results and
developments will meet our expectations and predictions depend on a
number of risks and uncertainties which could cause our actual
results, performance, and financial condition to differ materially
from our expectations. Such risks and uncertainties include our
inability to properly integrate Direct Conversion; our ability to
commercialize new technology; and the other risks listed from time
to time in our filings with the U.S. Securities and Exchange
Commission, which by this reference are incorporated herein. Any
forward-looking statements made by us in this news release speaks
only as of the date on which it is made. The company assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise.
For Information Contact:
Howard Goldman
Director of Investor & Public Relations
Varex Imaging Corporation
801.978.5274 | howard.goldman@vareximaging.com
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SOURCE Varex Imaging Corporation