Varian buys Oxford Diffraction

Innovative tools and systems company Oxford Instruments has sold its 23 per cent holding in Oxford Diffraction to Varian for £3.5m in cash.

An additional cash amount of up to £1.1m may be received over the next three years conditional on the performance of Oxford Diffraction. The cash will be used to reduce Oxford Instruments’ debt.

Oxford Diffraction is based in Abingdon, and was spun out of Oxford Instruments in 2001 to develop, manufacture and supply analytical instrumentation for X-ray crystallography. As this technique was not core to Oxford Instruments, the company decided to develop it as an independent company using outside capital and resources.