Danaher Corp. (NYSE: DHR), Washington, DC, intends to separate into two independent companies, a science and technology growth company that will retain the Danaher name and NewCo, a diversified industrial growth company.
Danaher will include the life sciences & diagnostics and dental segments, water quality and product identification platforms and Pall Corp., which Danaher has agreed to acquire. Collectively, the businesses generated sales of $16.5 billion for the fiscal year.
NewCo will include Danaher's test & measurement instruments platform and its other specialty industrial businesses, which generated $6 billion in sales for the fiscal year.
Thomas P. Joyce, Jr. will continue to serve as president and CEO of Danaher, while the current Executive Vice President, James A. Lico, will become president and CEO of NewCo upon separation.
Danaher has agreed to acquire Pall Corp. (NYSE: PLL), a provider of filtration, separation and purification solutions, for $13.8 billion. Pall Corp. generated fiscal 2014 sales of $2.8 billion.
"The pending strategic acquisition of Pall Corporation announced today offers us the unique opportunity to drive greater shareholder value going forward as two stronger and better companies," said Thomas P. Joyce, Jr., president and CEO. "Each company will be more focused with access to the capital necessary to pursue organic and inorganic growth opportunities."