Siemens acquires magnet maker

Oxford Magnet Technology will become a wholly owned subsidiary of Siemens Medical Systems late next year. Siemens, which holds a 51% stake in the British company, plans to purchase the remaining shares in a deal valued at $15.5 million, according to a Nov. 11 company announcement. Siemens will exercise its right to the buyout under a 1989 joint venture agreement with Oxford Instruments. The buyout is expected to occur when the initial 15-year term of the joint venture ends in September 2004. The transaction includes cash and the ongoing use by Oxford Instruments of certain intellectual property. It is subject to formal regulatory approval under German competition law. Oxford Magnet Technology was founded in 1982 to commercialize proprietary technology for MR magnets and accessories.