Danaher Corporation announced January 18 that it has signed a definitive agreement to sell its Pacific Scientific Aerospace business (other than the Artus business) to Meggitt PLC, a global aerospace and defense company. Danaher simultaneously received a binding offer from Meggitt to acquire the Artus business which remains open for 12 months. As required by French law, Danaher must consult with the Artus works council prior to concluding an agreement for the sale of the Artus business.
Upon the closing of both transactions, Meggitt will pay Danaher an aggregate cash purchase price of $685 million, subject to post-closing adjustments.
Danaher's Pacific Scientific Aerospace business is a leading supplier of electric power, electric linear actuation, safety and security products to both the commercial and military aerospace markets. In 2010, the business had revenues of approximately $378 million and contributed $0.07 to diluted earnings per share. The business will be treated as a discontinued operation for financial reporting purposes beginning in the first quarter of 2011.
The closing of the definitive agreement is subject to customary conditions, including regulatory approvals. The parties currently expect that the transactions will close in the second quarter of 2011.
Danaher is a diversified technology leader that designs, manufactures and markets innovative products and services to professional, medical, industrial and commercial customers. Its portfolio of premier brands is among the most highly recognized in each of the markets it serves. Driven by a foundation provided by the Danaher Business System, the company’s 47,000 associates serve customers in more than 125 countries and generated $11.2 billion of revenue in 2009.