WASHINGTON, June 20 /PRNewswire-FirstCall/ -- Danaher Corporation announced today that it has signed a definitive agreement to acquire Pelton & Crane, a leading provider of dental equipment, for approximately $85 million in cash including transaction costs and net of cash acquired. With primary operations in Charlotte, North Carolina and Newberg, Oregon, Pelton & Crane manufactures and sells a broad range of dental equipment, including treatment units, lights, sterilizers and cabinetry for dental professionals. With revenues of approximately $80 million in 2004, Pelton & Crane is expected to become a part of Danaher’s Medical Technology platform. The company expects minimal earnings per share accretion in 2005. The acquisition remains subject to regulatory approval and other customary closing conditions and is expected to close in the third quarter of 2005.
Danaher’s President and CEO, Mr. H. Lawrence Culp, Jr. said, “The acquisition of Pelton & Crane brings another premier brand name to Danaher’s Medical Technology platform and strengthens our position in dental equipment. We look forward to working with the management and associates of Pelton & Crane as we build on the strong foundation they have established in this attractive growth market.”
Danaher Corporation is a leading manufacturer of Professional Instrumentation, Industrial Technologies, and Tools and Components. (http://www.danaher.com)
Statements in this release that are not strictly historical may be “forward-looking” statements. These forward-looking statements include statements about future business operations, financial performance, market conditions, the consummation of the acquisition of Pelton & Crane and the integration of the Pelton & Crane business into Danaher. Such forward-looking statements involve risks and uncertainties as set forth in the Danaher’s filings with the United States Securities and Exchange Commission.
Danaher Corporation
CONTACT: Andy Wilson, Vice President, Investor Relations of DanaherCorporation, +1-202-828-0850, or Fax: +1-202-828-0860
Web site: http://www.danaher.com/