To us, science is a business and business is a science

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While we believe Waters possesses an intellectual capital that is without peer, there
are some other companies who do things quite well, too. And when they have developed a proven technology that is complementary to ours, and when there is a good fit, an acquisition makes sense for both scientific and business reasons.

Such was the case on September 11th, when Waters announced the acquisition of Micromass Limited, of Manchester, England. This acquisition immediately gives us a strong competitive position in the mass spectrometry marketplace in general, and in LC-MS in particular, one of the
fastest-growing segments of the liquid chromatography market. Micromass is a very profitable and well-managed company. And the addition of world leading MS to our product portfolio allows us
to improve our already strong position with pharmaceutical companies. With this accretive acquisition, Waters now has leading positions in three complementary technologies – HPLC, thermal analysis and mass spectrometry. And our potential marketplace has increased from $2 to $3 billion.

In addition, last year we purchased YMC, Inc., which markets premium HPLC columns and bulk packing materials for North America. Annual revenues exceed $7 million. This addition nicely augments the very profitable consumables segment of our business.

In the years to come, we plan to make similar, selective additions to expand our range of products and technologies.

We hope that the preceding pages have conveyed how we have and how we will continue marrying good business with good science for good results. It is the way things have always been done at Waters. And after nearly 40 years, we seem to be getting the formula down pretty well.

Company  Officers

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