Danaher has also announced plans to separate into two independent, publicly traded companies. The transaction will create a US$16.5 billion science and technology company that will retain the Danaher name and will include Pall, and a US$6.0 billion diversified industrial company (NewCo).
Pall is a global provider of filtration, separation and purification solutions that remove contaminants or separate substances from solids, liquids and gases.
For the fiscal year ended July 2014, Pall had consolidated revenues of US$2.8 billion, with US$1.5 billion from its Life Sciences segment and US$1.3 billion from its Industrial segment.
Pall's Life Sciences segment serves customers in the biopharmaceutical market, as well as food & beverage and medical end markets, while the Industrial segment supplies the process technologies, aerospace and microelectronics markets.
Danaher is a global science and technology company with 2014 revenues of US$19.9 billion and five reporting segments: Environmental, Test & Measurement, Dental, Life Sciences & Diagnostics, and Industrial Technologies.
When the transaction is completed, Pall will operate as a subsidiary in Danaher’s portfolio and will maintain its brand.
The acquisition of Pall has been unanimously approved by the boards of directors of both companies. It is subject to approval by Pall shareholders and the transaction is expected to be completed around the end of calendar year 2015.
Thomas Joyce, president and CEO of Danaher, said: “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. With the Danaher Business System as a foundation, Pall associates will have the tools to accelerate new product development and improve operational efficiency in the years to come.”
Pall chairman and CEO Larry Kingsley addded: “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. Our employees will benefit by being associated with a world-class company that has the capability to further enhance Pall’s market position.”