Oxford Instruments - Acquisition From Vickers Plc

RNS No 8733p
OXFORD INSTRUMENTS PLC
18th December 1997                                                         
                                                         
                  
 Oxford Instruments expands its Neurodiagnostic product
                       range

The  Board of Oxford Instruments plc announced  today  it
has acquired the Neurology Group of Vickers Medical, part
of  the Vickers P.L.C. group of companies, for a purchase
price  of  #12.7  million.  The  Neurology  Group,  which
comprises  Medelec  and  its  international  distribution
businesses,  is  principally  involved  in  the   design,
manufacture and distribution of neurophysiology equipment
used in the investigation and diagnosis of human diseases
of the brain and nervous system.

As  part  of  the  agreement  with  Vickers  P.L.C.,  the
remaining  Vickers Medical businesses  -  including  Air-
Shields   Inc   -  have  been  acquired  by   Hillenbrand
Industries, Inc, a publicly quoted US company serving the
healthcare,  funeral services and high  security  markets
for a purchase price of approximately #59.8 million.

The  consideration for the Neurology Group, together with
net  debt assumed, of #12.7 million was paid in cash, and
is subject to an adjustment by reference to net assets on
completion.  The consideration has been financed from the
Company's existing cash resources.

The   Neurology  Group  will  join  Oxford   Instruments'
existing Medical Systems business, which produces a  wide
range  of  heart,  brain and fetal monitoring  equipment.
This acquisition expands Oxford Instruments' presence  in
the   neurodiagnostic  equipment  market,   targeted   at
diseases of the central nervous system.

During  the year to 31 December 1996 the Neurology  Group
generated  debt-free pre-tax profits of #0.8  million  on
sales of #30.7million.  At 31 December 1996 the Neurology
Group had debt-free net assets of #16.8 million, although
the  Company  expects  to  make  fair  value  adjustments
following acquisition.  In addition the integration  will
lead  to  an  exceptional  reorganisation  cost  in   the
Company's results for the year to 31 March 1998.  However
the   acquisition,  benefitting  from  the  complementary
distribution  networks  and  from  recent   new   product
introductions,  is expected to be earnings  enhancing  in
the first full year of ownership by Oxford Instruments.

Commenting on the acquisition, Peter Williams,  Executive
Chairman of Oxford Instruments plc, said:

"We  are  delighted  to announce this acquisition  as  we
believe it represents a unique opportunity to enhance our
existing   Medical   Systems   business.    Demand    for
neurophysiology  equipment  is  growing  as   an   ageing
population brings increased awareness of diseases of  the
central   nervous  system.   Medelec  products  have   an
excellent,   well   established   reputation   and   will
strengthen  Oxford Instruments' position as  one  of  the
leading international providers of health care equipment"

Enquiries:-

Oxford Instruments plc             Tel: 01865 881437
Fax: 01865 881944
Peter Williams, Executive Chairman

Martin Lamaison, Financial Director
Citigate Communications plc        Tel: 0171 282 8000
Fax: 0171 282 8010

Miranda Kavanagh
Baring Brothers International      Tel: 0171 767 1000
Fax: 0171 767 7222
James Lupton


END

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