As we assess our near-term business prospects, we
remain confident in our programs, technologies and financial position
but are somewhat cautious about general economic conditions and
the rate of capital spending across our major customer groups.
Our research and development activity continues
to be very productive, and we expect to introduce major new mass
spectrometry products by mid-2003 which will address the product
void we have faced since the first quarter of 2002. Our HPLC competitive
position has never been stronger, and we believe we should emerge
from this current economically weak climate in even better position
to grow faster than our competitors. And in January 2003, we augmented
our existing product positions when we completed the purchase
of the rheology product line of Rheometric Scientific Inc. for
approximately $23 million. These products fit nicely with our
existing TA Instruments product line and should allow us
to profitably leverage our strong industrial position.
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