Who Owns Varex Imaging Company?

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Who Owns Varex Imaging Company?

Understanding a company's ownership is key to its strategic direction. Varex Imaging Corporation, a leader in X-ray imaging components, emerged as an independent entity following its spin-off from Varian Medical Systems, effective January 1, 2017.

Headquartered in Salt Lake City, Utah, Varex Imaging's roots trace back to the 1930s. The company designs, manufactures, and sells X-ray tubes and digital detectors essential for medical, industrial, and security imaging. As of August 15, 2025, Varex Imaging has a market capitalization of $451 million and employs approximately 2,300 people globally.

The ownership of Varex Imaging Corporation is primarily held by institutional investors, with Vanguard Group Inc. and BlackRock Inc. being the largest shareholders as of recent filings. These major holders, along with other institutional and individual investors, collectively influence the company's strategic decisions and future trajectory. Understanding these ownership dynamics is crucial for assessing the company's stability and growth potential, especially considering its role in providing critical components for applications like those detailed in the Varex Imaging PESTEL Analysis.

Varex Imaging Corporation's ownership structure originated from a corporate spin-off, not traditional founding. On January 1, 2017, Varian Medical Systems separated its imaging components business into Varex Imaging, making Varian's existing shareholders the initial owners of the new entity. This strategic move established Varex as a publicly traded company from its inception.

Spin-off from Varian Medical Systems

Varex Imaging was established on January 1, 2017, as a spin-off from Varian Medical Systems. This action separated the imaging components business into a new, independent public company.

Initial Shareholder Distribution

Varian shareholders received Varex Imaging common stock based on their holdings as of a specific record date. This resulted in a widely distributed ownership structure from the outset.

Leadership at Inception

Sunny S. Sanyal, formerly with Varian's imaging components business, became the first President and CEO of Varex Imaging. Key executives like Clarence Verhoef (CFO) and Kimberley E. Honeysett (General Counsel) also joined the leadership team.

Initial Share Structure

Approximately 38 million shares of Varex Imaging common stock were initially outstanding following the spin-off. This formed the basis of the company's public float.

Financial Arrangement

Varex Imaging made a $200 million cash payment to Varian Medical Systems at the time of separation. This was financed through a $300 million revolving credit facility.

Early Ownership Context

The initial ownership of Varex Imaging was a direct result of the spin-off transaction, with Varian's shareholders becoming the primary Varex Imaging investors. This established Varex Imaging ownership as a public concern.

The corporate structure established Varex Imaging as a publicly traded entity, with its initial Varex Imaging shareholders holding ownership. This transition meant that Varex Imaging stock was available to a broad base of investors, reflecting its status as a public company. The early Varex Imaging investors were primarily the former shareholders of Varian Medical Systems, who received shares in Varex Imaging as part of the separation agreement. This event marked the beginning of Varex Imaging's independent journey, with its ownership determined by the distribution of shares to existing Varian stockholders. Understanding this spin-off is key to grasping the initial Varex Imaging ownership and its corporate structure.

Key Aspects of Varex Imaging's Inception

Varex Imaging's establishment as an independent entity was a deliberate corporate action, not a traditional startup. This spin-off defined its initial ownership and operational framework.

• Varex Imaging was formed on January 1, 2017.
• Ownership was transferred to existing Varian Medical Systems shareholders.
• Sunny S. Sanyal led the company as CEO from its inception.
• The company began as a widely held public entity.
• A significant financial transaction occurred with Varian Medical Systems at the time of separation.
• This event is detailed further in the Brief History of Varex Imaging.

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Since its spin-off in January 2017, Varex Imaging Corporation's ownership has been dominated by institutional investors. Key financing events, such as a $150 million convertible senior notes offering in June 2020 and a $125 million senior secured notes offering in December 2024, have shaped its capital structure and indirectly influenced equity dynamics.

The ownership landscape of Varex Imaging is heavily influenced by institutional investment, reflecting confidence in the company's market position and future prospects. As of July 2025, a significant 96.45% of Varex Imaging's stock was held by institutional investors, with mutual funds comprising a substantial portion of this. This high level of institutional ownership suggests that major financial entities are actively managing their stakes in the company, aligning with the broader trends observed in the publicly traded market.

Major Varex Imaging Shareholders

Institutional investors are the primary holders of Varex Imaging stock, with several prominent asset management firms leading the way. These entities play a crucial role in the company's corporate structure and influence its strategic direction.

• BlackRock Inc. is a significant shareholder, holding 10.14% of the company's shares.
• Pzena Investment Management LLC owns 9.16% of Varex Imaging stock.
• The Vanguard Group Inc. maintains a stake of 6.36%.
• Other key institutional investors include Allspring Global Investments Holdings, LLC, Dimensional Fund Advisors LP, and Neuberger Berman Group LLC.
• Insider ownership, representing holdings by executives and board members, stood at 1.40% as of July 2025.

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The Board of Directors at Varex Imaging Corporation is composed of seven members, with Walter M. Rosebrough, Jr. leading as Chairman since 2023. President and CEO Sunny S. Sanyal also holds a director position, alongside Kathleen L. Bardwell, Jocelyn D. Chertoff, Timothy E. Guertin, Jay K. Kunkel, and Christine A. Tsingos.

Varex Imaging upholds a strong commitment to independent governance, with all directors, except the CEO, classified as independent. This independence extends to its key committees: Audit, Compensation and Human Capital Management, and Nominating and Corporate Governance, all of which are exclusively comprised of independent directors. The company’s structure separates the roles of Chairman and Chief Executive Officer, further enhancing oversight. Varex Imaging operates under a straightforward one-share-one-vote system for its common stockholders, ensuring that voting power directly correlates with share ownership. This structure means that each share of common stock grants one vote for director nominations and any proposals put before shareholders, maintaining a clear link between ownership and influence. There have been no significant public proxy battles or activist campaigns that have notably altered the company's decision-making processes.

Understanding Varex Imaging's Corporate Structure

Varex Imaging's corporate structure is designed to ensure robust governance and clear shareholder representation. The company's voting power is distributed based on share ownership.

• One-share-one-vote principle ensures proportional voting power.
• Majority of directors are independent non-employee members.
• Key Board committees are composed entirely of independent directors.
• The separation of CEO and Chairman roles promotes balanced leadership.
• Understanding this structure is key to grasping Varex Imaging ownership dynamics and how decisions are made, as detailed in the Marketing Strategy of Varex Imaging.

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Over the past few years, Varex Imaging Corporation has navigated significant financial and operational developments, impacting its ownership landscape. The company has actively managed its debt through private offerings of convertible senior notes, demonstrating a strategic approach to capital structure optimization. These actions, coupled with leadership transitions and acquisitions, shape the current Varex Imaging ownership profile.

Institutional investors remain the dominant force in Varex Imaging's ownership structure, holding a substantial 96.45% of shares as of July 2025. Insiders hold a smaller portion, approximately 1.40%. This high level of institutional ownership is characteristic of established public companies, suggesting broad market confidence in the company's trajectory. The company's strategic moves, including its Growth Strategy of Varex Imaging, are designed to enhance its market position and technological capabilities, particularly in areas like cold cathode X-ray technology and photon-counting detectors, which are projected to generate over $150 million annually by fiscal year 2029.

Institutional Dominance

As of July 2025, institutional investors control a significant majority of Varex Imaging's shares. This concentration of ownership indicates substantial backing from large investment funds.

Strategic Financial Management

Recent private offerings of senior secured notes highlight Varex Imaging's focus on managing its debt and optimizing its capital structure. These moves are crucial for supporting ongoing operations and future growth initiatives.

Leadership and Acquisition Activity

Leadership changes and strategic acquisitions, such as the integration of PerkinElmer's medical imaging segment, underscore Varex Imaging's commitment to innovation and market expansion. These developments are key to its corporate structure and future performance.

Future Growth Projections

The company anticipates strong revenue growth from its photon-counting technology, with projections exceeding $150 million annually by fiscal year 2029. This forward-looking strategy is supported by its current ownership and financial health.

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