Varian Medical Systems has announced plans to spin off its imaging components business as a standalone public company by the end of the year. A manufacturer of x-ray tubes, flat-panel detectors, connectors, and imaging accessories, Varian Imaging Components also supplies workstations and software for computer-aided diagnostics and image processing.

Varian’s CEO Dow Wilson says the spinoff will positively impact operations, creating “two strong, independent companies.” Plus, he says, “It will enable Varian to focus on expanding its position as a global cancer company with leading technology and services—and empower the new company to grow as a global leader in components, software, and services for expanded imaging applications and markets.”

When completed, the spinoff will establish the new company as a supplier of components, software, and engineering services for imaging equipment manufacturers and system integrators. “The new company will be able to leverage its world-renowned x-ray engineering team to work with equipment manufacturers and system integrators to develop new, next-generation imaging systems,” Wilson adds.

The new imaging components company is expected to garner annual revenues of approximately $575 million and employ roughly 1,300 individuals. Additional details regarding the name, structure, leadership, and financial operations of the new company will be disclosed at a later time.

For more information about the company, visit Varian Medical Systems.