Danaher Corp., a global science and technology company with $1.6 billion in 2011 sales, will acquire X-Rite Inc. a maker of color measuring and matching equipment and Pantone color products, for $625 million in a deal announced April 10.
Washington-based Danaher will pay $5.55 per share, or about $625 million, for X-Rite. The total amount also includes debt.
X-Rite's board of directors unanimously approved the sale. It is expected to close during the second quarter.
Danaher is traded on the New York Stock Exchange. X-Rite is on the Nasdaq exchange.
X-Rite, based in Grand Rapids, Mich., generated 2011 sales of $237.6 million and net profit of $49.4 million from measurement systems, software, color standards and services. X-Rite bought Pantone in 2007. The company serves a range of industries including plastics, printing, packaging, photography, graphic design, video, automotive, paints, textiles, dental and medical.
X-Rite will become part of Danaher's product identification group, a global provider of equipment and consumable products for printing, marking and coding. X-Rite will operate as a stand-alone company within the group, and the current management team will hold key leadership positions.
In 2011, Danaher cracked the $1 billion spending mark in research and development, the most in company history.
“Danaher's global scale, market presence and resources will allow X-Rite to accelerate our growth, particularly for our key strategic initiatives like PantoneLive and Appearance Solutions,” said X-Rite CEO Thomas J. Vacchiano Jr. “As part of Danaher, X-Rite will be able to expand our access to new markets and complementary technologies.”
X-Rite will continue to do business under the X-Rite, Pantone and other brands.