Varian Medical Systems announced that it plans to formally spin off its imaging components business as a standalone company on January 28. 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.

In 2016, Varian’s CEO Dow Wilson says the spinoff will positively impact operations, creating “two strong, independent companies.” Plus, he said, “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.”

In the January 28 distribution, Varian stockholders would receive 0.4 share of Varex common stock for every one share of Varian common stock held as of January 20, 2017, the record date for the distribution. No fractional shares of Varex will be issued.

Beginning on or about January 20, and continuing up to the distribution date, it is expected that “when issued” trading will begin for Varex shares on the Nasdaq Global Select Market under the ticker symbol “VREXV.”

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