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Business Description
Waters Corporation is the holding company for Waters Technologies Corporation, which operates in the analytical instrument industry. The Company manufactures and distributes three complementary technologies: high-performance liquid chromatography (HPLC) instruments, chromatography columns and other consumables, and related service; mass spectrometry (MS) instruments that can be integrated and used along with other analytical instruments, especially HPLC, and thermal analysis (TA) and rheology instruments. HPLC, the largest product segment of the analytical instrument market, is utilized in a broad range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a full range of compounds.

Financial Information
Waters Corporation manufactures, distributes and provides high performance liquid chromatography instruments, chromatography columns and other related services. For the six months ended 6/30/02, net sales rose 2% to $417.5 million. Net income before acctg. change fell 6% to $73 million. Revenues reflect sales growth of HPLC in North America and strong shipment in Europe. Earnings suffered from higher SG&A and a $2.8 million patent litigation provision.