Waters CorpBy Deborah Gage Print
A manufacturer of scientific instruments forced a troubled British subsidiary to do things its way.
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Waters Corp. Base Case
Headquarters: 34 Maple St., Milford, MA 01757
Phone: (508) 478-2000
Business: World's largest manufacturer of instruments for High Performance Liquid Chromatography, Mass Spectrometry and Thermal Analysis—used for analyzing chemical and physical properties of proteins and many other substances.
Chief Information Officer: Paul Newton
Financials in 2002: Net sales were $890 million in 2002, up 3.5% from $859.2 million in 2001. Net income was $147.7 million, up 22.5% from $114.5 million in 2001.
Challenge: Regain market leadership after loss of patent lawsuit by developing and selling integrated chromatography/spectrometry product systems.
- Increase revenue growth, from 3.5% a year.
- Maintain and improve earnings growth of over 15% per year.
- Complete $400 million stock buyback to dispose of excess cash.
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