Sept 19 Agilent Technologies Inc said it
will spin off its electronic measurement businesses into a
public company by the end of next year, leaving Agilent to focus
on its healthcare business.
Shares of Agilent, carved out of Hewlett-Packard Co
in 1999, rose nearly 12 percent in premarket trading.
The yet unnamed electronic measurement (EM) company will
provide electronic test and measurement technology to
communications, aerospace and defense, and industrial markets.
Agilent Chief Operating Officer Ron Nersesian is the
CEO-designate of EM company, which is estimated to record
revenue of about $2.9 billion in fiscal 2013.
Agilent shareholders will receive a pro rata distribution in
the EM company.
Agilent will retain its life sciences, diagnostics and
applied markets businesses. Chief Executive William Sullivan
will continue to lead the company, which expect full-year
revenue of about $3.9 billion.
The spin-off is not likely to impact the company's full-year
forecast, but it is expected to incur one-time charges related
to the transaction, Agilent said in a statement.
The Santa Clara, California-based testing equipment maker's
products are used by pharmaceutical and biotechnology companies,
life sciences research institutions and aerospace and defense
Agilent shares, which have gained about 20 percent this
year, had closed at $49.32 on the New York Stock Exchange on
(Reporting by Esha Dey in Bangalore; Editing by Joyjeet Das)