Thermo Fisher Scientific Inc. (Thermo Fisher) is engaged in serving science. It provides analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. It operates through two segments: analytical technologies and laboratory products and services. Analytical technologies segment includes pharmaceutical, biotechnology, academic, government and other research and industrial markets. Laboratory products and services segment offers combination of products and services that allows its customers to engage in their core business functions of research, development, manufacturing, clinical diagnosis and drug discovery.
In April 2010, the Company acquired Proxeon A/S, a supplier of products for proteomics analysis. In December 2010, the Company acquired Lomb Scientific. In April 2011, the Company sold two laboratory testing services businesses, Athena Diagnostics and Lancaster Laboratories.
Fisher Scientific International said yesterday that it had agreed to buy Apogent Technologies for $2.7 billion in stock to expand its drug research and diagnostics business.
Fisher, which makes scientific instruments and distributes those made by others, is seeking to focus on products used in the life sciences industry, like cell cultures for protein-derived drugs.
In Apogent, which is based in Portsmouth, N.H., Fisher will acquire a company whose products range from microscope slides, glass tubes and test kits to beakers, bottles and safety containers. On average, Apogent's products carry a higher profit margin than Fisher's.
Apogent shareholders will receive 0.56 share of Fisher's common stock for each share of Apogent common stock held, representing a small premium over Apogent's closing share price on Tuesday of $27.78.
Fisher, based in Hampton, N.H., said it would assume $1 billion in debt from Apogent.
Fisher said it expected to cut costs by about $55 million in 2005 and up to $100 million a year by the end of 2006 by cutting jobs, closing plants and gaining stronger purchasing power as a larger company. The companies declined to comment on the number of possible job cuts.
There are no comments on this page. [Add comment]