Tokyo, Japan - January 31, 2006


Yokogawa and Agilent Technologies Agree on
Transfer of Shares of Yokogawa Analytical Systems

Yokogawa Electric Corporation and Agilent Technologies Inc. today announced that their joint venture, Yokogawa Analytical Systems, will become a wholly owned Agilent subsidiary effective February 1, 2006. Yokogawa will receive approximately $106 million from this transaction, including $98 million from Agilent for its 49-percent share in the joint venture and $7.5 million in dividends from Yokogawa Analytical Systems.

Yokogawa Analytical Systems was founded as a joint venture in 1992 by Agilent (then part of Hewlett-Packard and 51-percent owner) and Yokogawa (49-percent owner). Yokogawa Analytical Systems makes the ICP/MS, an advanced analytical system used in gas chromatography for laboratory and other scientific applications.

With the foundation of the joint venture, Agilent transferred its sales and support of advanced laboratory analytical systems to Yokogawa Analytical Systems; Yokogawa transferred all of its business in this field, including equipment under development, to the joint venture. The two parent companies have been supporting Yokogawa Analytical Systems not only to further their own business interests, but also to realize the growth and success of their joint venture.

Yokogawa Analytical Systems had sales of more than $160 million in fiscal year 2005. Agilent and Yokogawa said that the joint venture had achieved its original objectives set 13 years ago. In order to expand the market presence for its products and services in Japan, Agilent decided that the timing was right for Yokogawa Analytical Systems to become its wholly owned subsidiary.

By selling its stake in the joint venture, Yokogawa will be able to dedicate additional resources to its core businesses, including strengthening international engineering capabilities for the industrial automation field and investing in a new semiconductor facility in Sagamihara. This transfer of shares has no impact on Yokogawa's ongoing activities in the process analyzer market, and Yokogawa remains committed to growing and expanding this business.

“Yokogawa and Agilent have had a very strong, cooperative relationship over the past 13 years,” said Ryuji Kanno, President,Yokogawa Analytical Systems. “This acquisition of Yokogawa’s minority share  is a positive step for both companies.”

About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) is the world’s premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company’s 21,000 employees serve customers in more than 110 countries. Agilent had net revenue of $5.1 billion in fiscal 2005. Information about Agilent is available on the Web at www.agilent.com.