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May 15, 2015 02:00 AM

Danaher to buy filtration specialist Pall Corp.

Frank Antosiewicz
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    Danaher Corp.
    Danaher's existing product line includes glucose monitoring sold under the Hemocare brand.

    Danaher Corp. is adding filtration, separation and purification technologies to its portfolio with the planned acquisition of Pall Corp. of Port Washington, N.Y., for $127.20 per share in cash, or about $13.8 billion.

    Pall, which has more than 10,400 employees, operates in two segments — life sciences and industrials.  After Danaher completes the acquisition, it will split into two companies, one focused on life sciences and the other on the industrial units from both firms.

    Pall's life sciences products are used by research labs, as well as the pharmaceutical and biotech industries. The company's products also are used in food and beverage filtration and for medical applications that help control the spread of infection.

    Overall, Pall had consolidated sales of $2.8 billion for its fiscal year that ended July.

    Both Danaher and Pall are publicly listed companies on the New York Stock Exchange.

    “Pall is a complementary fit for Danaher, with Danaher's proven management system and strong financial position coupled with Pall's expertise, brand and channel strength in the field of filtration and separation science enabling the creation of tremendous value for the global customers of the combined company,” said Larry Kingsley, chairman and CEO of Pall, in a news release.

    The transaction is expected to close by the end of 2015.

    Danaher President and CEO Thomas Joyce said in a statement that “Pall will provide us a leading business with significant runway for expansion and strengthens our life sciences position in the strategically-attractive high-growth biopharmaceutical market.”

    Danaher generated $19.9 billion in sales and has market capitalization of over $60 billion. Its worldwide team of 71,000 employees are united in the use of the same operating system the Danaher Business System.

    Danaher also issued a statement that it will split into two separate public companies by the end of 2016. When the split occurs, Danaher will have a science and technology company with $16.9 billion in sales based on the last fiscal year. It will continue under the Danaher name and will include Pall. Thomas Joyce will remain president and CEO.

    The other new company will be called Newco on a temporary basis and will include the diversified industries part of Danaher. It will bring in about $6 billion in sales. James Lico, current executive vice president will become the new president and CEO of Newco.

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