PALO ALTO, Calif., March 25, 1999, Varian Associates, Inc., (NYSE: VAR) said that trading in its soon to be independent medical equipment business began today (March 25) on the New York Stock Exchange, as expected. The new shares are being traded on an ex-distribution basis under the symbol VAR WI through April 1, 1999.
Varian said the NYSE has advised it that the company's stock will also be traded in the regular way during this period. On April 2 shares in Varian Associates' instruments and semiconductor equipment spin-offs will be distributed to shareholders transforming these operations into independent companies. Trades in VAR made during the period March 25-April 1 will involve all three entities, while trades made in VAR WI will involve only the medical equipment entity.
As reported previously, following the distribution, Varian Associates, Inc., will change its name to Varian Medical Systems and continue to trade on the NYSE using the VAR symbol.