Danaher Corporation

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Danaher Corporation
Company typePublic
IndustryConglomerate
Founded
  • 1969; 55 years ago (1969) (as DMG)
  • 1984; 40 years ago (1984) (as Danaher)
Founder
HeadquartersWashington, D.C., U.S.
Area served
Worldwide
Key people
Steven Rales, Chairman of the Board
Mitchell Rales, Chairman of the Executive Committee
Rainer M. Blair, President & CEO
Matt McGrew, Executive VP & CFO
RevenueIncrease US$31.471 billion (2022)
Increase US$7.47 billion (2021)
Increase US$6.43 billion (2021)
Total assetsIncrease US$83.18 billion (2021)
Total equityIncrease US$44.18 billion (2021)
Number of employees
81,000 (Dec 2023[1])
DivisionsList of divisions
Websitedanaher.com
Footnotes / references
[2]

Danaher Corporation is an American globally diversified conglomerate founded by brothers Steven and Mitchell Rales in 1984. Headquartered in Washington, D.C., the company designs, manufactures, and markets medical, industrial, and commercial products and services.[2] The company is named after Danaher Creek in Western Montana, where the brothers conceptualized it while fishing.[3]

Danaher was one of the first companies in North America to adopt the Kaizen principles to manufacturing,[4] which is a lean manufacturing Japanese philosophy of continuous improvement and elimination of waste.

History

Early years

The company's origins go back to a Massachusetts real estate investment trust organized in 1969 as DMG, Inc. In 1978, DMG, Inc. was reorganized as a Florida corporation and changed its name to Diversified Mortgage Investors, Inc. Eventually, the company adopted the name Danaher in 1984 and was reincorporated under the Delaware General Corporation Law.[2] In June 1986, Danaher purchased Chicago Pneumatic (CP), which had merged in July 1984 with a sister company, the Jacobs Manufacturing Co. (Jacobs), and which had purchased Matco Tools Corp. (MTC) in April 1981.

In June 1987, Danaher sold CP while retaining Jacobs, including its Matco Tools Division. Jacobs' name was changed to Matco Tools Corp. In November 1991, the other divisions within Jacobs were established as separate operating companies. In January 1993, Danaher formed NMTC, Inc., which acquired a substantial portion of the assets of MTC, including the existing distributorship agreements of MTC.

Within two years of Danaher's founding in 1984, Danaher acquired 12 companies as part of a strategy to enter the manufacturing business. Therefore, in 1986, Danaher added Qualitrol to its instrumentation unit.[5] The unit also included Gilbarco Veeder-Root's underground fuel storage sensors, Dynapar's motion sensors[6] and Qualitrol's pressure and temperature measurement instruments, used on the electrical transformer industry.[7]

The Danaher Motion group acquired Kollmorgen, of Radford, Virginia.[8]

1990–2000

In 1990, Danaher acquires Easco Hand Tools Inc.[9] Danaher was selected as exclusive supplier of handtools for Sears. In 1994, Danaher acquired the tool company Armstrong Tools, the makers of tool brands Armstrong, Allen, and others. In 1995 Danaher acquired German components manufacturer Hengstler, a leading manufacturer of counters, printers, relays, and high-precision rotational sensors. Hengstler was Danaher's first acquisition on the European mainland, and the first operating company headquartered outside the United States.[10] Since 1999, Danaher has owned 100% of Hach, broadening the portfolio of chemical, mainly water and wastewater, analytics also with the German company Lange.

2001–2010

Danaher acquired Trojan Technologies, an environmental engineering firm, in 2004.[11]

UK-based West Instruments provides control and measurement instrumentation and services for the global industrial and process markets. German instrumentation manufacturer PMA was added to the Industrial Controls Group in 2005 and enhances the range of control and measurement instrumentation.

In July 2005, Danaher announced a definitive agreement to acquire Leica Microsystems.[12] Leica manufactures a broad range of products for numerous applications requiring microscopic imaging, measurement and analysis. It also offers management systems in the areas of Life Science including biotechnology and medicine, as well as the science of raw materials and industrial quality assurance.

In early 2007 Danaher acquired Australian Pathology Instrument and Engineering company Vision Systems Limited.[13] Also in 2007, Danaher made its largest acquisition to date, the purchase of Tektronix, Inc. for US$2.85 billion.[14][15]

ChemTreat was acquired by Danaher in 2007 as well.[16]

In 2009 Danaher purchased the Analytical Technologies business unit of Canadian Life Sciences company MDS, Inc. for US$650 million.[17] In a separate, but related transaction, Danaher agreed with Life Technologies Corporation (Nasdaq: LIFE) to acquire the remaining 50% ownership position in AB SCIEX for US$450 million, leaving Danaher as outright owner of AB SCIEX and Molecular Devices. The aggregate purchase price for the combined transactions is $1.1 billion.[18]

2011–2020

In 2011, Danaher acquired Beckman Coulter[19] and sold Accu-sort to Datalogic.

In October 2012, Danaher and Cooper Industries agreed to sell their joint venture, Apex Tool Group, to Bain Capital for a fee of around $1.6 billion.[20] In December 2012 Danaher Corporation acquired Navman Wireless, a provider of on-demand fleet and asset management technology.[21]

In September 2014, Danaher announced its intention to buy Nobel Biocare for $2.2 billion.[22] In October 2014, Danaher Corp announced it would be combining its communications unit with NetScout Systems.[23] The action was completed in July 2015[24]

In May 2015, Danaher announced the acquisition of Pall Corporation for $13.8 billion,[25] which was completed in August 2015.[26]

In June 2016, Danaher spun off several subsidiaries, including Matco and AMMCO-COATS, to create Fortive.[27] In September of the same year, the company announced it would acquire Cepheid for $4 billion (including debt).[28]

In October 2016, Danaher Corporation acquired Phenomenex for $700 million to expand its life sciences space.[29]

In October 2017, Danaher announced the acquisition of scientific informatics company ID Business Solutions Ltd. (IDBS).[30] It was announced that IDBS would become part of Danaher's Life Sciences platform.[31]

In 2017, Danaher recorded $18.3 billion in revenue.[32]

In March 2018, the business announced it would acquire Integrated DNA Technologies for an undisclosed price.[33]

In July 2018, Danaher announced its intention to spin off its $2.8 billion Dental segment into an independent publicly traded company. They named Amir Aghdaei, who at the time was President of Danaher's Dental Platform, to be President and CEO of the new company upon completion of the transaction. [34] The corporate spin-off was completed in December 2019, with the new company called Envista Holdings Corporation.[35]

In October 2019, Danaher announced it has signed an agreement to sell its biomolecular characterization, chromatography hardware and resins, microcarriers and particle validation standards businesses to Sartorius AG for approximately $750 million. The combined revenue of the businesses was approximately $140 million in 2018.[36]

In 2019, Danaher was ranked by Forbes as one of the best employers for diversity.[37]

On Monday, March 2, 2020, Dr. Stephen Hahn, the F.D.A.’s commissioner, said that the agency had taken actions to allow private labs and companies to begin making their own coronavirus tests in order to greatly expand the U.S. capacity to test for the virus. Dr. Hahn went on to note, "There will be — the estimates we’re getting from industry right now, by the end of this week, close to a million tests will be able to be performed."[38] The following morning, a spokeswoman for the U.S. Department of Health and Human Services noted that Dr. Hahn was referring to tests being produced by an outside manufacturer, Integrated DNA Technologies. IDT is a division of Danaher which was acquired in early 2019.[39]

In March 2020, Danaher acquired the biopharma business of the General Electric Life Sciences division for $21.4 billion and was named Cytiva. Danaher had to sell off part of its life sciences businesses to Sartorius to satisfy the Federal Trade Commission regulatory requirement for the acquisition.[40] Cytiva is a global provider of technologies and services related to the development, manufacture, and delivery of vaccines, diagnostics, and therapeutics to customers in organizations including academia, biotechnology, and drug manufacturing.[41][42][43] The Cytiva name stems from 'cyto' meaning 'cell' in Greek, and 'iva' a Latin suffix meaning 'doing' and 'capable of'.[44]

In May 2020, it was announced that Tom Joyce would retire as CEO of the company. He was replaced by Executive Vice President Rainier Blair on September 1, 2020.[45]

2021–present

In September 2022, it was announced that Pall Life Sciences will be merging with Cytiva to create a new Biotechnology Group within Danaher. The merger was completed in May 2023.[46][47][48] As of May 2023, Cytiva employed more than 16,000 associates in over 40 countries.[49]

Danaher is set to spin-off its Environmental & Applied Solutions segment in Q4 2023.[50] On February 8, 2023, Danaher announced that the new company is named Veralto Corporation and will be headed by Danaher Executive Vice President Jennifer Honeycutt as President and CEO.[51]

On 28 August 2023, Danaher announced that it had entered into a definitive agreement to acquire Abcam for approximately $5.7 billion at $24 per share in cash.[52][53]

Controversies

Further information: Cepheid (company) § Pricing controversy

There has been controversy around the pricing of test cartridges produced by Danaher's subsidiary Cepheid, which are used to test for diseases including COVID-19, HIV, and tuberculosis. Organizations such as Treatment Action Group and Doctors Without Borders have been asking Cepheid to lower the price of these tests since 2019. On September 12, 2023, author and vlogger John Green released a video[54] highlighting these ethical concerns.[55]

Divisions

Environmental and applied solutions

This segment will be spun off as Veralto Corporation in Q4 2023.

Life sciences

Diagnostics

Source: [62]

Former

Tests and measurement

This segment was spun off as Fortive Corporation in July 2016.

Dental

The dental segment was spun off as Envista Corporation in December 2019.[63]

Miscellaneous

See also

References

  1. ^ 44
  2. ^ a b c "Danaher Corporation 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "The Danaher Story". Danaher.
  4. ^ "Fortive and Danaher, Steven and Mitchell Rales". Fortive.
  5. ^ "About the Company". Qualitrol. 2012. Retrieved 6 July 2012.
  6. ^ "Dynapar Motion Control Sensor Rotary Encoders & Resolvers". Dynapar. 2016. Archived from the original on 2016-08-09.
  7. ^ Dubovoj, Sina; Ingram, Frederick (2006). "Danaher Corporation". Resource Library CBS Interactive. Retrieved 12 June 2012.
  8. ^ "Danaher Corp, Form 8-K, Current Report, Filing Date Apr 1, 2003". secdatabase.com. Retrieved Mar 30, 2013.
  9. ^ "Danaher Acquires Easco Hand Tools". The New York Times. 1990-02-21. Retrieved April 26, 2019.
  10. ^ "Hengstler History". Hengstler.
  11. ^ a b "Our History". London, ON: Trojan Technologies. Retrieved 2022-10-15.
  12. ^ "Danaher Corp, Form 10-Q, Quarterly Report, Filing Date Jul 21, 2005" (PDF). secdatabase.com. Retrieved Mar 30, 2013.
  13. ^ "Danaher Corp, Form 10-Q, Quarterly Report, Filing Date Oct 19, 2006". secdatabase.com. Retrieved Mar 30, 2013.
  14. ^ "Danaher Corp, Form 8-K, Current Report, Filing Date Nov 21, 2007". secdatabase.com. Retrieved Mar 30, 2013.
  15. ^ "Danaher to Buy Tektronix for $2.85 Billion". The New York Times. 2007-10-16. ISSN 0362-4331. Retrieved 2015-04-28.
  16. ^ a b Blackwell, John Reid. "Buyout enriches workers". Richmond Times-Dispatch. Retrieved 2021-01-06.
  17. ^ "Danaher Corp, Form 10-K, Annual Report, Filing Date Feb 24, 2010" (PDF). secdatabase.com. Retrieved Mar 29, 2013.
  18. ^ "MDS shares soar on restructuring - the Globe and Mail". www.theglobeandmail.com. Archived from the original on 2 September 2009. Retrieved 14 January 2022.
  19. ^ "Danaher Corp, Form 8-K/A, Filing Date Aug 10, 2011". secdatabase.com. Retrieved Mar 29, 2013.
  20. ^ "Deals of the day -- mergers and acquisitions". Reuters. 10 October 2012. Archived from the original on 22 September 2013. Retrieved 30 June 2017.
  21. ^ "Danaher Corp Acquires Navman Wireless". Reuters. 29 Jan 2013.
  22. ^ "Danaher to buy Nobel Biocare for $2.2 billion". Reuters. 15 September 2014.
  23. ^ Danaher to combine communications unit with NetScout Archived 2015-11-27 at the Wayback Machine. Reuters, 14 October 2014
  24. ^ "NetScout Systems, Inc. (NASDAQ: NTCT) has completed the acquisition of Danaher Corporation's (NYSE: DHR) Communications Business. - NetScout.com". Retrieved 24 March 2016.
  25. ^ "Danaher to Acquire Pall for $13.6 Billion and Split Into Two". The New York Times. 2015-05-15. Retrieved April 26, 2019.
  26. ^ "Danaher Completes Acquisition Of Pall Corporation". Pall. Retrieved April 26, 2019.
  27. ^ Zacks Equity Research (5 July 2016). "Danaher Completes Fortive Spin-Off, Trading to Begin Today". Yahoo Finance. Retrieved 5 July 2016.
  28. ^ "Danaher to Acquire Cepheid for $4B". September 6, 2016.
  29. ^ "Danaher Completes Acquisition Of Phenomenex". biopharma-reporter.com. 11 October 2016. Retrieved 6 November 2016.
  30. ^ "Danaher picks up U.K. data analytics player to boost drug development offerings". FierceBioTech. 2017-10-30. Retrieved 2017-12-01.
  31. ^ "Danaher to Buy U.K. Drug R&D Software Firm ID Business Solutions". Bloomberg.com. 2017-10-30. Retrieved 2017-12-01.
  32. ^ Maake, Katishi (2019-01-07). "Glenstone Foundation gobbles up more property near its museum". Washington Business Journal. Retrieved 2019-01-09.
  33. ^ "Danaher to Acquire Integrated DNA Technologies". March 9, 2018.
  34. ^ "Danaher Announces Plan To Spin Off Dental Business Into An Independent, Publicly Traded Company - Jul 19, 2018". Danaher Corporation Investors.
  35. ^ "Danaher Announces Final Results Of Envista Exchange Offer" (Press release). PR Newswire. December 18, 2019.
  36. ^ Hargreaves, Ben (2019-10-22). "Sartorius in $750m swoop for Danaher Life Science businesses". Biopharma Reporter. Retrieved 2019-10-29.
  37. ^ "Danaher on the Forbes Best Employers for Diversity List". Forbes.
  38. ^ Thomas, Katie; Sheikh, Knvul (3 March 2020). "Estimates Fall Short of F.D.A.'s Pledge for 1 Million Coronavirus Tests". The New York Times.
  39. ^ "IDT Leadership".
  40. ^ Macdonald, Gareth John (2020-05-12). "Sartorius' Acquisition of Danaher Techs Fits Demand for Process Intensification". GEN - Genetic Engineering and Biotechnology News. Retrieved 2023-07-09.
  41. ^ "Cytiva to provide bioprocessing training at Indian incubation centre". cleanroomtechnology.com. Retrieved 2023-09-04.
  42. ^ "BBC collaborates with Cytiva to aid in bioprocessing training programme". biospectrumindia.com. Retrieved 2023-09-04.
  43. ^ "Cytiva". TECHNIA (US). Retrieved 2023-09-04.
  44. ^ "GE Healthcare Life Sciences rebrands to 'Cytiva'". ATMP Sweden. Retrieved 2023-09-04.
  45. ^ "Danaher names next CEO". www.bizjournals.com. Retrieved 2020-10-28.
  46. ^ Stanton, Dan (2022-09-22). "Danaher merging Cytiva and Pall - BioProcess Insider". BioProcess International.
  47. ^ Stanton, Dan (2023-05-02). "Danaher completes Cytiva Pall merger - BioProcess Insider". BioProcess International. Retrieved 2023-07-09.
  48. ^ "Cytiva and Pall Life Sciences complete integration to create a global innovation and solutions leader in biotechnology". Cytiva. May 2, 2023. Retrieved 2023-07-09.
  49. ^ Sterling, John (2023-05-02). "Merger of Cytiva and Pall's Life Sciences Business Now Complete". GEN - Genetic Engineering and Biotechnology News. Retrieved 2023-09-04.
  50. ^ "Danaher Announces Intention to Separate Environmental & Applied Solutions Segment to Create an Independent, Publicly Traded Company - Sep 14, 2022". www.danaher.com.
  51. ^ "Danaher announces new environmental and applied solutions company to be named Veralto". Danaher. 2023-02-08.
  52. ^ a b Mishra, Manas (August 28, 2023). "Danaher to buy Abcam in deal valued at $5.7 billion". Nasdaq. Retrieved August 28, 2023.
  53. ^ "Danaher to Acquire Abcam - Aug 28, 2023". www.danaher.com. 2023-08-28. Retrieved 2023-08-28.
  54. ^ Green, John (September 12, 2023). "Barely Contained Rage: An Open Letter to Danaher and Cepheid" (video). youtube.com. Vlogbrothers.
  55. ^ Baker, Kamrin (September 12, 2023). "John Green & Grassroots Activists Pressure Danaher To Drop Price of Tuberculosis Test". Good Good Good.
  56. ^ "Danaher Announces Definitive Agreement to Acquire EskoArtwork for $470 Million - January 20, 2011". Danaher Corporation Investors.
  57. ^ "Danaher To Acquire Aldevron". Danaher Corporation Investors. Retrieved 2021-11-16.
  58. ^ a b "Danaher to Acquire Beckman Coulter, Inc. for $83.50 per share or $6.8 Billion - February 7, 2011". Danaher Corporation Investors.
  59. ^ "Danaher Announces Definitive Agreement to Acquire Leica Microsystems - Jul 1, 2005". Danaher Corporation Investors.
  60. ^ "Danaher To Acquire Cepheid For $53.00 Per Share, Or Approximately $4 Billion - Sep 6, 2016". Danaher Corporation Investors.
  61. ^ "Danaher Corporation Submits a Tender Offer for the Shares of Radiometer A/S and Announces Conference Call - Dec 11, 2003". Danaher Corporation Investors.
  62. ^ "Our Businesses | Danaher". www.danaher.com. Retrieved 2022-10-26.
  63. ^ "Danaher Motion Danaher Controls". www.wakeindustrial.com. Retrieved 2023-07-24.
  64. ^ "Envista Announces Intended Sale Of KaVo Treatment Unit & Instrument Business To Planmeca". Envista Investor Relations. September 7, 2021.
  65. ^ "Dynapar Industrial Encoders & Resolvers". dynapar.com. 2016. Archived from the original on 2012-05-27.

External links

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