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Waters Corporation is engaged in the manufacture and distribution of high-performance liquid chromatography (HPLC) instruments, columns and other consumables, as well as related services through its subsidiary, Waters Technologies Corporation. Through its Micromass Limited subsidiary, the Company manufactures and distributes mass spectrometry instruments that can be integrated and used along with other analytical instruments, particularly HPLC. The Company manufactures and distributes thermal analysis and rheology instruments through its subsidiary, TA Instruments, Inc. (TAI). The Company has a diversified customer base that includes pharmaceutical accounts, other industrial accounts, universities and government agencies. Instruments and data products comprise approximately two thirds of the Company's total revenue. Consumable products and service comprise the remaining amount of the Company's total revenue.