WALTHAM, Mass. and HAMPTON, N.H., Oct. 17 /PRNewswire-FirstCall/ -- Thermo Electron Corporation and Fisher Scientific International Inc. today announced that the U.S. Federal Trade Commission (FTC) has approved a consent order requiring the divestiture of Fisher's Genevac business -- a $17 million product line -- and granted the companies early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the pending merger of Thermo and Fisher. No further regulatory review is necessary in the U.S. for the parties to close the merger.
The companies also announced that, following discussions with the European Commission regarding their proposed merger, they have offered to divest the same Genevac business. As a result, the initial deadline for the European Commission to rule on the merger has been extended to Nov. 9, 2006. Thermo and Fisher anticipate that this proposal will resolve any issues raised by the European Commission regarding the merger. Assuming the European Commission clears the transaction on Nov. 9, 2006, the parties intend to complete the merger on that date.
About Thermo Electron
Thermo Electron Corporation is the world leader in analytical instruments. Our instrument solutions enable our customers to make the world healthier, cleaner and safer. Thermo's Life and Laboratory Sciences segment provides analytical instruments, scientific equipment, services and software solutions for life science, drug discovery, clinical, environmental and industrial laboratories. Thermo's Measurement and Control segment is dedicated to providing analytical instruments used in a variety of manufacturing processes and in-the-field applications, including those associated with safety and homeland security. For more information, visit http://www.thermo.com.
About Fisher Scientific: The World Leader in Serving Science
Fisher Scientific International Inc. is a leading provider of products and services to the scientific community. Fisher facilitates discovery by supplying researchers and clinicians in labs around the world with the tools they need. We serve pharmaceutical and biotech companies; colleges and universities; medical-research institutions; hospitals; reference, quality-control, process-control and R&D labs in various industries; as well as government agencies. From biochemicals, cell-culture media and proprietary RNAi technology to rapid-diagnostic tests, safety products and other consumable supplies, Fisher provides more than 600,000 products and services. This broad offering, combined with Fisher's globally integrated supply chain and unmatched sales and marketing capabilities, helps make our 350,000 customers more efficient and effective at what they do.
Founded in 1902, Fisher Scientific is a FORTUNE 500 company and is a component of the S&P 500 Index. With approximately 19,500 employees worldwide, the company had revenues of $5.6 billion in 2005. Fisher Scientific is a company committed to delivering on our promises -- to customers, shareholders and employees alike. Additional information about Fisher is available on the company's Web site at http://www.fisherscientific.com.
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. Thermo Electron and Fisher Scientific caution readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Thermo Electron and Fisher Scientific, including future financial and operating results, the new company's plans, objectives, expectations and intentions and other statements that are not historical facts.
Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in Thermo Electron's and Fisher Scientific's filings with the Securities and Exchange Commission (the "SEC"), including their respective Quarterly Reports on Form 10-Q for the second quarter of 2006. These include risks and uncertainties relating to: the ability to obtain regulatory approvals of the transaction on the proposed terms and schedule; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; use and protection of intellectual property; dependence on customers' capital spending policies and government funding policies; realization of potential future savings from new productivity initiatives; dependence on customers that operate in cyclical industries; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; exposure to product liability claims in excess of insurance coverage; and the effect of exchange rate fluctuations on international operations. The parties undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Kenneth J. Apicerno
Gia L. Oei
Thermo Electron Corporation
CONTACT: Media Contact: Lori Gorski, +1-781-622-1242,firstname.lastname@example.org, or Investor Contact: Kenneth J. Apicerno,+1-781-622-1111, email@example.com, both of Thermo Electron; or MediaContact: Gia L. Oei, +1-603-929-2489, firstname.lastname@example.org, InvestorContact: Chet Mehta, +1-603-929-2260, email@example.com, both ofFisher Scientific