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Waters Corporation Completes Sale of Inorganic Mass Spectrometry Product Line to GV Instruments
MILFORD, Mass., Mar 28, 2003 (BUSINESS WIRE) -- Waters Corporation (NYSE:WAT) announced today the sale of its inorganic mass spectrometry line of products to GV Instruments Ltd., Manchester, England. Under the terms of the agreement, Waters is selling the assets of the product line, including inventory and accounts receivables, and transferring liabilities such as warranty and deferred revenue in exchange for an undisclosed amount. Shipments of these products in 2002 accounted for approximately $14 million in revenue with roughly break-even profitability. Waters expects to incur a small restructuring charge associated with the transaction. Approximately 65 employees will be transferred from Waters to GV.

The divested product line includes instruments used for the analysis of inorganic materials. Customers using these products are working primarily in the metallurgy, electronics and mining industries. The product portfolio includes inductively coupled plasma (ICP), isotope ratio and custom configured mass spectrometry systems.

GV Instruments is a newly formed company focused on the needs and committed to enhancing the analytical capabilities of inorganic analytical researchers. It is headed by Dr. Tony Williams, a scientist and business professional with more than twenty years of experience in servicing this market segment.

Says Williams, "This exciting new venture allows us to clearly address the unique needs of the inorganic analyst. We have a great team of scientists and engineers on board and we look forward to meeting the needs of our customers in the future."

Waters and GV are committed to ensuring a smooth transition and will make every effort to meet the support needs of existing customers throughout the process. Wherever possible, GV will maintain the distribution and support agreements that were in place while the product line was offered through Waters.

Background Information -- GV Instruments is headquartered in Manchester, England. Its U.S. and European sales and service centers are located in Hudson, New Hampshire and Lyons, France respectively. The company's mailing address is GV Instruments Ltd., Crewe Road, Wythenshawe, Manchester, England, M23 9BE. Phone: +44 (0) 161 902 2100, FAX: +44 (0) 161 902 2198. -- Waters Corporation is an industry leader in high performance liquid chromatography, mass spectrometry and thermal analysis products. Waters is a publicly traded corporation (NYSE: WAT) and a member of the Standard and Poors 500 index, employing 3600 people worldwide. For more information on the company and its products, visit CAUTIONARY STATEMENT

Certain statements contained herein are forward looking and are subject to a variety of risks and uncertainties that are inherent in any legal proceeding. Such risks and uncertainties could cause the actual results to differ materially from those expressed in, or suggested by, such forward looking statements.

Waters Corporation
Gene Cassis