Varex Imaging Corporation has been declared the new name of Varian Medical Imaging Systems’Imaging Components Business, which has been planned as a stand-alone public company via a tax-free distribution to Varian stockholders, in a transaction anticipated to be completed by the end of calendar year 2016. As an independent company, Varex Imaging will pursue new growth strategies by leveraging its position as a global leader in components, software and services for expanded imaging applications and markets.

Varian Imaging Components president Sunny Sanyal, who will assume the role of CEO of Varex Imaging upon completion of the spin-off, stated, "As a trusted imaging components partner, we have a laser focus on providing our customers with high-quality and cost effective products that enable them to develop and deliver new next-generation imaging systems.  Excellence in imaging is a top priority and this is evident in the new company name."

The planned spin-off of Varian Imaging Components is subject to numerous conditions, including final approval by the Varian Board of Directors, effectiveness of a Registration Statement on Form 10 to be filed with the Securities and Exchange Commission, and receipt of an opinion of counsel regarding the federal income tax treatment of the spin-off.