Restructuring of Oxford Instruments' UK Superconductivity businesses

Oxford Instruments plc announced the creation of Oxford Instruments NanoScience and its intention to discontinue general volume production of undifferentiated low field magnets for OEM customers. In the UK, Oxford Instruments' Superconductivity Segment currently consists of two businesses: the Physical Science business based at Tubney Woods in Oxfordshire, providing specialist magnet and cryogenic systems directly to end user customers in the applied research field; and the Magnet Technology business based at Eynsham in Oxfordshire, manufacturing NMR and ICR magnet systems for original equipment manufacturers (OEMs) to incorporate in the systems they supply to their end user customers. Whilst the Physical Science business continues to maintain a very strong position in its market, the Magnet Technology business has been suffering from a decline in the demand from its OEM customers for undifferentiated low field magnets. The markets for Oxford Instruments' technically demanding, high field NMR magnets and the newly emerging DNP-NMR magnet systems continue to provide growth opportunities. In order to respond to these changed market circumstances, it is now proposed to discontinue general volume production of undifferentiated low field magnets for OEM customers after completing all existing commitments. This creates an opportunity to merge the high technology, high field NMR magnet products, and their associated R&D and engineering, with the growing Physical Science business. In addition, it will be possible to reshape the business, address the overall cost base and give a secure platform from which to grow. At the end of March 2006, it is proposed to consolidate all the UK magnet and cryogenic expertise and resources at the Tubney Woods site, and to form a new business - Oxford Instruments NanoScience.

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