PerkinElmer, Inc. Establishes Wholly Owned Subsidiary in India
WALTHAM, Mass.--(BUSINESS WIRE)--PerkinElmer, Inc. (NYSE: PKI), a global technology leader in Health Sciences and Photonics, today announced that it has acquired the remaining minority interest in PerkinElmer India Pvt. Ltd., a direct sales, service and marketing operation targeting India’s thriving life science and analytical instrumentation markets, from Labindia Instruments Pvt. Ltd. The transaction establishes PerkinElmer India Ltd. as a wholly owned subsidiary of PerkinElmer and underscores the company’s commitment to customers in the region.
“The establishment of a 100% direct operation in India demonstrates our continued commitment to accelerate growth in the country’s rapidly expanding health sciences market,” said Gregory L. Summe, PerkinElmer chairman and chief executive officer. “Customers in the region will benefit from an increased level of applications and technical support, as well as direct access to a wider range of PerkinElmer products. A stronger India presence will enable us to react faster to changing needs and develop new solutions specifically for the market.”
India represents a key market for PerkinElmer, with significant growth opportunities in areas including pharmaceutical research, neonatal and maternal screening, and environmental monitoring. To further support its growth in the region, PerkinElmer plans to open a new India headquarters in Mumbai, as well as a new technical support and applications center in the second half of 2007. PerkinElmer India currently employs approximately 170 people in Bangalore, Baroda, Chennai, Hyderabad, Kolkatta, Mumbai, New Delhi, Pune and Thane.
PerkinElmer also announced the appointment of Jai Shankar as president, PerkinElmer India. Shankar will be responsible for setting the strategic direction of PerkinElmer’s business development activities across India and overseeing the expansion of PerkinElmer’s broad product and services portfolio to the country’s growing community of scientists and researchers.
“We are pleased to have a leader of Jai’s caliber and experience driving the growth of the new India organization,” said Lapo Paladini, president of PerkinElmer Asia. “Also, we are grateful to Labindia, our partner in India for the past 25 years. This partnership has generated strong results to date for both parties, and has enabled us to move to this next phase of our growth.”
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) our failure to introduce new products in a timely manner; (2) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (3) our failure to protect adequately our intellectual property; (4) the loss of any of our licenses or licensed rights; (5) our ability to compete effectively; (6) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (7) our ability to produce an adequate quantity of products to meet our customers’ demands; (8) our failure to maintain compliance with applicable government regulations; (9) regulatory changes; (10) economic, political and other risks associated with foreign operations; (11) our ability to retain key personnel; (12) restrictions in our credit agreement; (13) our ability to realize the full value of our intangible assets; and (14) other factors which we describe under the caption “Risk Factors” in our most recent annual report on Form 10-K and in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
PerkinElmer, Inc. is a global technology leader driving growth and innovation in Health Sciences and Photonics markets to improve the quality of life. The Company reported revenues of $1.55 billion in 2006, has 8,500 employees serving customers in more than 125 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE. Contacts
PerkinElmer, Inc. Investor Relations: Steven Delahunt, 781-663-5677 or Media Contact: Kevin Lorenc, 781-663-5701