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Siemens Acquires Outstanding Share in Oxford Magnet Technology

Nov 13 2003

Siemens is to acquire Oxford Instruments 49% share in Oxford Magnet Technology for £9.1 million. This will give Siemens complete ownership of Oxford Magnet Technology.

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The purchase includes Oxford Instruments shareholding and ongoing use of certain intellectual property.

Oxford Magnet Technology was founded in 1982 by Oxford Instruments to commercialise its proprietary magnet technology and accessories used mainly in magnetic resonance imaging (MRI). In 1989 it became a joint venture with Siemens holding a 51% stake and they are now a world leader in superconducting MRI magnets.

The share buyout was part of a 15 year agreement, which could be exercised in September 2004. However, both parties agreed to an early termination of the joint venture.

Oxford Instruments and Oxford Magnet Technology will continue to trade, based on long term contracts.

For more information on superconductors, click here.

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