Danaher Corp. (DHR, Financial) filed Quarterly Report for the period ended 2010-07-02.
Danaher Corp. has a market cap of $24.54 billion; its shares were traded at around $37.8 with a P/E ratio of 20 and P/S ratio of 2.2. The dividend yield of Danaher Corp. stocks is 0.2%. Danaher Corp. had an annual average earning growth of 13.9% over the past 10 years.DHR is in the portfolios of Andreas Halvorsen of Viking Global Investors LP, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, RS Investment Management, Jeremy Grantham of GMO LLC, Murray Stahl of Horizon Asset Management, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
On July 4, 2010, the Company closed the previously announced joint venture with Cooper Industries, plc (Cooper), combining the businesses in the Companys Tools and Components segment (except for the Matco tool business, the Hennessy wheel service equipment business and the Jacobs Vehicle Systems diesel engine retarders business) with Coopers Tools business to form a new entity called Apex Tool Group, LLC (Apex). The 2009 sales, on a combined basis, of the two tools businesses contributed to Apex were approximately $1.2 billion. Each of Cooper and the Company owns a 50% interest in Apex and has an equal number of representatives on Apexs Board of Directors. Upon the closing of the transaction, Apex simultaneously obtained a credit facility and term debt financing and used $90 million of the term debt financing to purchase from the Company certain assets of the Companys Tools business. As of the closing of the transaction, the Company will deconsolidate the financial results of its contributed businesses and will account for its investment in the joint venture based on the equity method of accounting. In connection with the transaction, the Company preliminarily estimates recording a pre-tax gain of approximately $300 million in accordance with accounting standards applicable to situations where control is surrendered of previously controlled subsidiaries. The final gain will be reflected in the Companys third quarter results of operations.
During 2009, the Company recorded pre-tax restructuring and other related charges totaling $238.5 million. The plans approved by the Company in April and August 2009 reflected managements assessment that adjustments to the Companys on-going cost structure were appropriate in light of lower demand in most of the Companys end markets resulting from the overall deterioration in global economic conditions that began in the latter half of 2008 and continued through 2009. Substantially all restructuring activities related to the 2009 plans were completed during 2009. Remaining cash payments to be made related to the completed activities, consisting primarily of payments due to former Company employees under severance agreements, were approximately $34 million as of July 2, 2010. Management expects to realize approximately $170 million of incremental year-over-year pre-tax savings during 2010 associated with these restructuring activities.
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Danaher Corp. has a market cap of $24.54 billion; its shares were traded at around $37.8 with a P/E ratio of 20 and P/S ratio of 2.2. The dividend yield of Danaher Corp. stocks is 0.2%. Danaher Corp. had an annual average earning growth of 13.9% over the past 10 years.DHR is in the portfolios of Andreas Halvorsen of Viking Global Investors LP, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, RS Investment Management, Jeremy Grantham of GMO LLC, Murray Stahl of Horizon Asset Management, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
position in the Molecular Devices business (Molecular Devices), a bioresearch and analytical instrumentation company. In a separate but related transaction, the Company simultaneously completed the acquisition of the remaining 50% ownership position in AB Sciex from Life Technologies Corporation. The aggregate purchase price for the combined transactions was $1.1 billion, including debt assumed and net of cash acquired. AB Sciex and Molecular Devices now operate within the Companys Medical Technologies segment, and are expected to increase the Medical Technologies segments annual revenues by approximately $650 million. The acquisition of AB Sciex significantly expands the Companys position in the life sciences and diagnostics business and in particular establishes a position in the mass spectrometry market. AB Sciex is expected to provide additional sales and earnings growth opportunities in the Companys Medical Technologies segment, both through the growth of existing products and services and through the potential acquisition of complementary businesses. Company management and other personnel are devoting significant resources to the successful integration of the acquired businesses into Danaher.On July 4, 2010, the Company closed the previously announced joint venture with Cooper Industries, plc (Cooper), combining the businesses in the Companys Tools and Components segment (except for the Matco tool business, the Hennessy wheel service equipment business and the Jacobs Vehicle Systems diesel engine retarders business) with Coopers Tools business to form a new entity called Apex Tool Group, LLC (Apex). The 2009 sales, on a combined basis, of the two tools businesses contributed to Apex were approximately $1.2 billion. Each of Cooper and the Company owns a 50% interest in Apex and has an equal number of representatives on Apexs Board of Directors. Upon the closing of the transaction, Apex simultaneously obtained a credit facility and term debt financing and used $90 million of the term debt financing to purchase from the Company certain assets of the Companys Tools business. As of the closing of the transaction, the Company will deconsolidate the financial results of its contributed businesses and will account for its investment in the joint venture based on the equity method of accounting. In connection with the transaction, the Company preliminarily estimates recording a pre-tax gain of approximately $300 million in accordance with accounting standards applicable to situations where control is surrendered of previously controlled subsidiaries. The final gain will be reflected in the Companys third quarter results of operations.
During 2009, the Company recorded pre-tax restructuring and other related charges totaling $238.5 million. The plans approved by the Company in April and August 2009 reflected managements assessment that adjustments to the Companys on-going cost structure were appropriate in light of lower demand in most of the Companys end markets resulting from the overall deterioration in global economic conditions that began in the latter half of 2008 and continued through 2009. Substantially all restructuring activities related to the 2009 plans were completed during 2009. Remaining cash payments to be made related to the completed activities, consisting primarily of payments due to former Company employees under severance agreements, were approximately $34 million as of July 2, 2010. Management expects to realize approximately $170 million of incremental year-over-year pre-tax savings during 2010 associated with these restructuring activities.
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