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.