Exhibit 99.1

Contact: Gene Cassis, Vice President of Investor Relations, 508-482-2349

WATERS CORPORATION AND AGILENT TECHNOLOGIES DEUTSCHLAND
GmbH RESOLVE OUTSTANDING HPLC LITIGATION

Milford, Massachusetts, February 17, 2006 – Waters Corporation (NYSE/WAT) reported today it had entered into a settlement agreement with Agilent Technologies Deutschland GmbH resolving certain outstanding HPLC related litigation between them.

The settlement provides for the resolution of a finding of patent infringement by a court in the United Kingdom with respect to a portion of the pump technology used in Waters’ Alliance HPLC instruments. In 2002, Waters discontinued the use of the patented technology and the settlement has no effect on the Company’s ability to sell its Alliance HPLC instruments in the United Kingdom.

In connection with the settlement, Waters and its United Kingdom affiliate have been released from any claims of past infringement under the patent and Waters has agreed to make a one time payment to Agilent of 3.5 million British Pounds Sterling.

As a result of the settlement, Waters has revised its fourth quarter 2005 and full year 2005 results as previously reported in a press release on January 24, 2006, to include a pre-tax $3.1 million provision for damages and estimated remaining costs related to this matter. This has reduced GAAP earnings per diluted share for the fourth quarter of 2005 to $0.69 per diluted share from $0.71 per diluted share and to $1.74 per diluted share from $1.76 per diluted share for the full year 2005. Updated condensed financial statements are attached.

Similar patent infringement actions to the case noted above are currently pending in France and Germany. Waters believes, however, that any potential damages resulting from these ongoing disputes are unlikely to be materially different from amounts previously recorded.

Waters Corporation holds worldwide leading positions in three complementary analytical technologies – liquid chromatography, mass spectrometry and thermal analysis. These markets account for $4.5 - $5.0 billion of the overall $20 + billion analytical instrument market.

Certain statements contained herein are forward looking. Many factors could cause actual results to differ from these statements, in particular, uncertainties of litigation.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

		(Unaudited)								(Unaudited)
		Three Months Ended								Year Ended
		December 31,				December 31,				December 31,				December 31,
		2005				2004				2005				2004
Net sales			332,270				324,154				1,158,236				1,104,536
Cost of sales			133,980				130,144				478,355				454,807
Gross profit			198,290				194,010				679,881				649,729
Selling and administrative expenses			81,593				80,916				321,694				300,150
Research and development expenses			16,691				16,475				66,905				65,241
Purchased intangibles amortization			1,216				1,236				5,005				4,814
Litigation provisions and settlement (A)			3,122				—				3,122				(9,277	)
Impairment of long-lived asset (B)			—				3,997				—				3,997
Restructuring and other unusual charges, net			—				—				—				(54	)
Operating income			95,668				91,386				283,155				284,858
Other expense, net (C)			(3,103	)			(1,014	)			(3,103	)			(1,014	)
Interest (expense) income, net			(3,421	)			156				(5,489	)			1,827
Income from operations before income taxes			89,144				90,528				274,563				285,671
Provision for income taxes (D)			13,546				19,011				72,588				61,618
Net income			75,598				71,517				201,975				224,053
Net income per basic common share		$	0.70			$	0.59			$	1.77			$	1.87
Weighted average number of basic common shares			108,364				120,266				114,023				119,640
Net income per diluted common share		$	0.69			$	0.58			$	1.74			$	1.82
Weighted average number of diluted common shares and equivalents			109,962				122,679				115,945				123,069

(A)		The results for the three months and year ended December 31, 2005 include provisions of $3.1 million for ongoing patent litigation with Hewlett-Packard Company. The results for the year ended December 31, 2004 include provisions of $7.8 million for the same ongoing patent litigation with Hewlett-Packard Company as well as settlement income of $17.1 million related to patent litigation with Perkin-Elmer Corporation.
(B)		The results for the three months and year ended December 31, 2004 include charges of $4.0 million recorded for a write-down of a technology licensed asset.
(C)		The results for the three months and year ended December 31, 2005 include charges of $4.8 million recorded for a write-off of an equity investment and gain of $1.7 million related to the sale of an equity investment. The results for the three months and year ended December 31, 2004 include charges of $1.0 million recorded for full write-down of an investment in an unaffiliated company.
(D)		The results for the year ended December 31, 2005 include a tax provision of approximately $24.0 million related to a qualified dividends distribution under the American Jobs Creation Act of 2004.

Waters Corporation and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)

		(Unaudited)								(Unaudited)
		Three Months Ended								Year Ended
		December 31,				December 31,				December 31,				December 31,
		2005				2004				2005				2004
Reconciliation of income per diluted share, in accordance with generally accepted accounting principles, with adjusted results:
Income per diluted share		$	0.69			$	0.58			$	1.74			$	1.82
Adjustment for litigation provisions and settlement, net of tax			2,569				—				2,569				(5,688	)
Income per diluted share effect			0.02				—				0.02				(0.05	)
Adjustment for restructuring and other unusual charges, net of tax			—				—								(57	)
Income per diluted share effect			—				—				—				(0.00	)
Adjustment for tax provision for qualified dividends distribution			—				—				24,000				—
Income per diluted share effect			—				—				0.21				—
Impairment of long-lived asset, net of tax			—				3,158				—				3,158
Income per diluted share effect			—				0.03				—				0.03
Other expense, write down and sale of certain investments, net of tax			2,554				801				2,554				801
Income per diluted share effect			0.02				0.01				0.02				0.01
Adjusted income per diluted share:		$	0.73			$	0.62			$	1.99			$	1.81

The adjusted income per diluted share presented above is used by the management of the Company to measure operating performance with prior periods and is not in accordance with generally accepted accounting principles (GAAP). The above reconciliation identifies items management has excluded as non-operational transactions. Management feels these transactions are not indicative of understanding the ongoing operations of the business or its future outlook.

Waters Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands and unaudited)

		December 31, 2005				December 31, 2004
Cash and cash equivalents			493,588				539,077
Accounts receivable			256,809				271,731
Inventories			131,554				139,900
Other current assets			31,550				23,176
Total current assets			913,501				973,884
Property, plant and equipment, net			141,030				135,908
Other assets			387,874				350,634
Total assets			1,442,405				1,460,426
Notes payable and debt			326,286				206,663
Accounts payable and accrued expenses			278,544				286,327
Total current liabilities			604,830				492,990
Long-term debt			500,000				250,000
Other long-term liabilities			41,408				38,750
Total liabilities			1,146,238				781,740
Total equity			296,167				678,686
Total liabilities and equity			1,442,405				1,460,426