Danaher Corp announced Wednesday that they will buy Pall Corp for $13.8 billion and split into two listed companies after the deal is completed. Pall Corp is an air and water-filter maker. The deal will allow Danaher to tap into the fast-growing demand from the biotechnology industry.
Major news sources, including the Wall Street Journal, Reuters, Bloomberg and others reported on the deal Wednesday afternoon.
Danaher is Bladen County’s second-largest employer with between 300 and 400 employees. The local Danaher is a conglomerate of several companies at one location.
The Danaher Corporation is a large American global active company headquartered in Washington, DC, according to Wikipedia, the online encyclopedia.
“It’s products are concentrated in the fields of design, manufacturing and marketing, and manufacturing of industrial and consumer products. It operates in five segments: Test & measurement, Dental, Industrial Technologies, Environmental, and Life Science & Diagnostics.
The company was organized in 1969 under the name of DMG, Inc, later changed its name to Diversified Mortgage investors, Inc and then to Danaher in 1984.
Within two years of Danaher’s founding in 1984, company officials acquired 12 companies as part of a strategy to enter the manufacturing business. A short time later, Danaher added Qualitrol to its instrumentation unit. The unit also included Gilbarco Veedor-Root’s underground fuel storage sensors.
Veedor Root opened the local plant in the mid 60’s and operated for about 20 years prior to the purchase by Danaher.
The New York Times reports Pall Corporation is based in Port Washington, NY, a city on Long Island, “makes systems that remove contaminants or separate substances from a variety of solids, liquids and gases.” The proposed new company will have revenues in the range of $16.5 billion and keep the Danaher name.
A Bloomberg Business article says, “Danaher Corp’s purchase of Pall Corp. for $13.8 billion will complete a march toward becoming a provider of health-care instruments and services and away from its roots as a manufacturer started by the billionaire Rales brother owners.
NewCo will be the second company and will be Danaher’s Test & Measurement Instruments platform including Matco, Gilbarco Veedor-Root, Automation and Sensors, as well as its other Specialty Industrial businesses, according to the Bloomberg article.
Chief Executive Officer Thomas P. Joyce Founders Steven and Chief Financial Officer Daniel L. Comas will continue in their roles at Danaher. The CEO for NewCo will be James A. Lico, current Executive Vice President of Danaher with responsibility for Danaher’s test & measurements and Gilbarco Veedor-Root operations.
Founders Steven and Mitchell Rales will sit on each board.
The local Danaher is no doubt a small part of a very large company, but a huge, very important part of the local economy as well as the 300 to 400 employees, many who have been with Veedor-Root, now Danaher, over 30 years.
Locally, the hope is that the Elizabethtown facility will continue to be in the long range plans for one or both companies.
Chuck Heustess, Bladen County EDC Director, said Danaher officials “have conveyed a very positive attitude about their local workforce and their relationship with local officials in the past and he looks forward to continuing that relationship as the company works through the merger process.”Share: