Danaher Corporation

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Danaher Corporation
Company typePublic
IndustryHealthcare industry
Founded
  • 1969; 56 years ago (1969) (as DMG)
  • 1984; 41 years ago (1984) (as Danaher)
Founders
HeadquartersWashington, D.C., US
Area served
Worldwide
Key people
Steven Rales (chairman of the board)
Mitchell Rales (chairman of the executive committee)
Rainer Blair (president and CEO)
RevenueDecrease US$23.9 billion (2024)
Decrease US$4.86 billion (2024)
Decrease US$3.90 billion (2024)
Total assetsDecrease US$77.5 billion (2024)
Total equityDecrease US$49.6 billion (2024)
Number of employees
c. 63,000 (2024)
DivisionsList of divisions
Websitewww.danaher.com Edit this at Wikidata
Footnotes / references
[1]

Danaher Corporation, headquartered in Washington, D.C., develops products used for advances in biotechnology, life sciences, and diagnostics. The company operates 3 divisions: biotechnology (28% of 2024 revenues), which develops products for the development of therapeutics; life sciences (31% of 2024 revenues), which develops products to identify causes of disease, new therapies, and to test and manufacture new drugs, vaccines and gene editing technologies; and diagnostics (41% of 2024 revenues), which develops instruments, consumables, and software and services to diagnose diseases.[1]

The company is ranked 180th on the Fortune 500[2] and 241st on the Forbes Global 2000.[3]

The company was founded in 1984 by brothers Steven Rales and Mitchell Rales; it was named after Danaher Creek in Western Montana, where the brothers came up with the idea for the company while fishing.[4][5][6]

History

Former logo

Early years

The company's origins go back to DMG, Inc., a Massachusetts real estate investment trust organized in 1969. In 1978, DMG, Inc. was reorganized as a Florida corporation and changed its name to Diversified Mortgage Investors, Inc. In 1983, the Rales brothers invested in the company, which at that time was invested in retirement home developments, they then replaced the existing management in a bitter proxy battle.[7]

In 1984, the company adopted the name Danaher and reincorporated under the Delaware General Corporation Law.[4][1]

In 1985, the Rales brothers offered $400 million in a hostile bid for Scott Fetzer Company but lost out to Berkshire Hathaway.[4]

In June 1986, Danaher acquired Chicago Pneumatic in a hostile takeover, offering $60.8 million for the 32% of the company not already owned.[8] The company had merged in July 1984 with a sister company, the Jacobs Manufacturing Co., and had purchased Matco Tools in April 1981.

In June 1987, Danaher sold Chicago Pneumatic while retaining Jacobs, including its Matco Tools Division.[9] 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.

In 1986, Danaher added Qualitrol to its instrumentation unit, including Gilbarco Veeder-Root's underground fuel storage sensors, Dynapar's motion sensors, and pressure measurement and temperature measurement instruments used on the electrical transformer industry.[10]

1990–2000

In 1990, Danaher acquired Easco Hand Tools Inc.[11] Danaher was selected as exclusive supplier of hand tools for Sears.[citation needed] In 1994, Danaher acquired Armstrong Tools, the makers of tool brands Armstrong, Allen, and others.[12]

In 1995, Danaher acquired Hengstler GmbH, a manufacturer of counters, printers, relays, and high-precision rotational sensors. Hengstler was Danaher's first acquisition headquartered outside the United States.[13]

In 1999, the company acquired Hach Company, involved in water and wastewater—and analytics, for $325 million.[14][15]

2001–2010

In 2000, H. Lawrence Culp Jr. was named CEO of Danaher; he had joined the company in 1990.[16]

Danaher acquired Trojan Technologies, an environmental engineering firm, in 2004.[17]

Danaher also acquired UK-based West Instruments, which provides control and measurement instrumentation and services for the global industrial and process markets.

PMA, a German manufacturer of control and measurement instrumentation, was acquired in April 2005.[18]

In July 2005, Danaher acquired Leica Microsystems, which manufactures products for applications requiring microscopic imaging, measurement and analysis and offers management systems for biotechnology and medicine, as well as the science of raw materials and industrial quality assurance.[19]

In early 2007, Danaher acquired Vision Systems, which manufactures and markets automated instruments, antibodies and biochemical reagents for biopsy-based detection of cancer and infectious diseases, for $520 million.[20]

In July 2007, Danaher acquired ChemTreat.[21]

In November 2007, Danaher made its largest acquisition to date, the purchase of Tektronix for US$2.85 billion.[22][23]

In 2009, Danaher acquired the Analytical Technologies business unit of MDS, including a 50% interest in AB SCIEX, for US$650 million.[24] In February 2010, Danaher acquired the remaining 50% ownership position in AB SCIEX from Life Technologies for US$450 million.[25]

2011–2020

In 2011, Danaher acquired Beckman Coulter, which was divided into a diagnostics segment and a life sciences segment.[26]

In January 2012, Danaher sold Accu-sort to Datalogic.[27]

In December 2012, Danaher acquired Navman Wireless, a provider of on-demand fleet and asset management technology.[28]

In February 2013, Danaher and Cooper Industries sold their joint venture, Apex Tool Group, to Bain Capital for $1.6 billion.[29]

In September 2014, Danaher acquired Nobel Biocare for $2.2 billion.[30]

Effective March 1, 2015, H. Lawrence Culp Jr. resigned as CEO of Danaher.[31]

In July 2015, Danaher combined its communications unit with NetScout Systems.[32][33]

In August 2015, Danaher acquired Pall Corporation for $13.8 billion.[34][35]

In June 2016, Danaher completed the corporate spin-off of Fortive, which included Matco and AMMCO-COATS.[36] In September of the same year, the company announced it would acquire Cepheid for $4 billion including debt.[37]

In October 2016, Danaher acquired Phenomenex for $700 million to expand in life sciences.[38]

In October 2017, Danaher announced the acquisition of scientific informatics company ID Business Solutions Ltd. (IDBS).[39] IDBS became part of Danaher's Life Sciences platform.[40]

In March 2018, Danaher acquired Integrated DNA Technologies for an estimated $1.9 billion.[41][42]

In July 2018, Danaher announced its intention to spin off its Dental segment into a public company, later named Envista Holdings Corporation.[43] The corporate spin-off was completed in December 2019.[44][45]

In March 2020, Integrated DNA Technologies, a subsidiary of the company, manufactured components for COVID-19 testing.[46]

In March 2020, Danaher acquired the biopharma business of General Electric, 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, for $21.4 billion and was rebranded as Cytiva.[47] To satisfy the Federal Trade Commission, Danaher sold its biomolecular characterization, chromatography hardware and resins, microcarriers and particle validation standards businesses to Sartorius AG for approximately $825 million.[48][49] The Cytiva name is derived from 'cyto' meaning 'cell' in Greek, and 'iva' a Latin suffix meaning 'doing' and 'capable of'.[50]

Effective September 2020, Tom Joyce retired as CEO of the company; he was replaced by Executive Vice President Rainer Blair.[51]

2021–present

In June 2021, Precision Nanosystems was acquired by Cytiva.[52]

In August 2021, Danaher acquired Aldevron, which produces mRNA and proteins used in mRNA vaccines, for $9.6 billion in cash.[53][54]

In May 2023, Pall Corporation merged with Cytiva to create a new Biotechnology Group within Danaher; at that time Cytiva employed more than 16,000 associates in over 40 countries.[55][56]

Also in September 2022, Danaher announced its intention to spin off its Environmental & Applied Solutions segment; in February 2023, it was named Veralto and the corporate spin-off was completed in September 2023.[57][58] The division included Aquatic Informatics, ChemTreat, Esko, Hach Company, Linx, McCrometer, OTT HydroMet, Pantone, Sea-Bird Scientific, Trojan Technologies, Videojet, XOS, and X-Rite.[59]

In December 2023, Danaher acquired Abcam for approximately $5.7 billion.[60][61]

In June 2024, the Food and Drug Administration granted marketing approval to Danaher's Cepheid unit for a rapid test for hepatitis C. Using a blood sample from a fingertip, the rapid test detects the virus's RNA and delivers results in less than roughly an hour, as opposed to requiring a sample to be sent to a lab.[62]

In August 2024, the company acquired GeneData.[63]

Controversies

Further information: Cepheid (company) § Pricing controversy

Controversy has arisen regarding the pricing of test cartridges manufactured by Danaher's subsidiary, Cepheid. These cartridges are essential for detecting diseases such as COVID-19, HIV, and tuberculosis. Organizations such as Treatment Action Group and Doctors Without Borders have asked Cepheid to lower the price of these tests since 2019.

On September 12, 2023, author and vlogger John Green released a video highlighting these ethical concerns and calling on his community to reach out to Danaher.[64][65][66] One week later, Cepheid and Danaher announced a 20% price reduction for the Xpert MTB/RIF TB test cartridge, from $9.98 to $7.97, in high TB-burden countries. However, the price of the Xpert MTB/XDR test used to diagnose for drug-resistant TB, which is the deadliest form, remained unchanged at $14.90.[67][68]

Divisions

Life sciences

Diagnostics

References

  1. ^ a b c "Danaher Corporation 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 20, 2025.
  2. ^ "Fortune 500: Danaher". Fortune.
  3. ^ "Forbes: Danaher". Forbes.
  4. ^ a b c Drummond, Bob (April 2, 2004). "Takeover Wizards". New Zealand Herald.
  5. ^ Heath, Thomas (July 7, 2008). "The Quiet Dynamism of the Brothers Rales". The Washington Post. Archived from the original on October 25, 2017.
  6. ^ Valdez, Angela (June 6, 2008). "A Very Private Collection". Washington City Paper.
  7. ^ Horwitz, Sari (January 21, 1985). "Rales Try to Add Easco To List of Corporate Trophies". The Washington Post.
  8. ^ "Danaher Deal". The New York Times. June 25, 1986.
  9. ^ "CHICAGO PNEUMATIC UNITS BEING SOLD". The Washington Post. April 23, 1987.
  10. ^ "Interview with Raj Karanam, President at Qualitrol". Transformers Magazine. April 5, 2016.
  11. ^ "Danaher Acquires Easco Hand Tools". The New York Times. Reuters. February 21, 1990.
  12. ^ "COMPANY NEWS; DANAHER AGREES TO BUY TWO COMPANIES". Bloomberg News. November 22, 1994.
  13. ^ "Hengstler's Success Story". Hengstler GmbH.
  14. ^ Behr, Peter (April 22, 1999). "Danaher to Buy Colo. Firm In $325 Million Stock Deal". The Washington Post.
  15. ^ "COMPANY NEWS; SHARES OF HACH JUMP 65% ON NEWS OF DEAL WITH DANAHER". Reuters. April 23, 1999.
  16. ^ "H. Lawrence (Larry) Culp, Jr" (PDF). General Electric.
  17. ^ "Trojan to be taken over by U.S. firm Danaher". The Globe and Mail. September 21, 2004.
  18. ^ "Danaher buys PMA to bring European controllers to North America". Control Engineering. April 1, 2005.
  19. ^ "Danaher Corp, Form 10-Q, Quarterly Report" (PDF). U.S. Securities and Exchange Commission. July 21, 2005.
  20. ^ "Danaher Corp, Form 10-Q, Quarterly Report For the Quarter Ended September 29, 2006". U.S. Securities and Exchange Commission. October 19, 2006.
  21. ^ Blackwell, John Reid (July 8, 2007). "Buyout Enriches Workers". Richmond Times-Dispatch.
  22. ^ "Danaher Corp, Form 8-K, Current Report". U.S. Securities and Exchange Commission. November 21, 2007.
  23. ^ "Danaher to Buy Tektronix for $2.85 Billion". The New York Times. October 16, 2007. ISSN 0362-4331.
  24. ^ "Danaher Corp, 2009 Form 10-K, Annual Report" (PDF). U.S. Securities and Exchange Commission. February 24, 2010.
  25. ^ "Danaher Completes Acquisition of AB SCIEX and Molecular Devices" (Press release). PR Newswire. February 1, 2010.
  26. ^ "Danaher Corp, Form 8-K/A". U.S. Securities and Exchange Commission. August 10, 2011.
  27. ^ "Danaher Corporation : Completes Accu-Sort Systems, Inc. Divestiture". Publicnow. January 20, 2012.
  28. ^ "Navman Wireless Acquired by Danaher Corporation" (Press release). PR Newswire. January 29, 2013.
  29. ^ "Bain Capital Private Equity Completes Acquisition of Apex Tool Group, Leading Global Tools Manufacturer" (Press release). Bain Capital. February 1, 2013.
  30. ^ Copley, Caroline; Kurane, Supriya (September 15, 2014). Heavens, Louise; Potter, Mark (eds.). "Danaher to Buy Nobel Biocare for $2.2 Billion". Reuters.
  31. ^ Gruley, Bryan; Clough, Rick; Mosendz, Polly (June 12, 2019). "GE's Larry Culp Faces Ultimate CEO Test in Trying to Save a Once-Great Company". Bloomberg News.
  32. ^ "NetScout Systems, Inc. (NASDAQ: NTCT) has completed the acquisition of Danaher Corporation's (NYSE: DHR) Communications Business". NetScout Systems. Archived from the original on June 6, 2017.
  33. ^ Mukherjee, Supantha; Tharakan, Anya George (October 14, 2014). "Danaher to combine communications unit with NetScout". Reuters. Archived from the original on November 27, 2015.
  34. ^ "Danaher Completes Acquisition of Pall Corporation" (Press release). Pall Corporation. August 31, 2015.
  35. ^ "Danaher to Acquire Pall for $13.6 Billion and Split into Two". The New York Times. May 15, 2015.
  36. ^ "Fortive Completes Separation from Danaher and Launches as an Independent, Publicly Traded Company" (Press release). Fortive. July 2, 2016.
  37. ^ "Danaher to Acquire Cepheid for $4B". Genetic Engineering and Biotechnology News. September 6, 2016.
  38. ^ "Danaher Completes Acquisition of Phenomenex". Biopharma-Reporter.com. October 11, 2016.
  39. ^ "Danaher picks up U.K. data analytics player to boost drug development offerings". FierceBioTech. October 30, 2017.
  40. ^ Baigorri, Manuel (October 30, 2017). "Danaher to Buy U.K. Drug R&D Software Firm ID Business Solutions". Bloomberg News.
  41. ^ "Danaher to Acquire Integrated DNA Technologies". Genetic Engineering and Biotechnology News. March 9, 2018.
  42. ^ Reisch, Marc S. (March 19, 2018). "Danaher buys oligonucleotide maker Integrated DNA Technologies". Chemical & Engineering News.
  43. ^ "Danaher Announces Plan to Spin Off Dental Business into an Independent, Publicly Traded Company" (Press release). PR Newswire. July 19, 2018.
  44. ^ "Danaher Announces Final Results Of Envista Exchange Offer" (Press release). PR Newswire. December 18, 2019.
  45. ^ Hansen, Drew (December 20, 2019). "Danaher parts ways with dental business, recouping billions in stock". American City Business Journals.
  46. ^ "IDT Achieves Large-Scale Manufacturing Success of Key COVID-19 Test Component". BioSpace. March 16, 2020.
  47. ^ "Danaher Completes Acquisition Of The Biopharma Business Of General Electric Life Sciences; Business Will Be Called Cytiva" (Press release). PR Newswire. March 31, 2020.
  48. ^ "Sartorius Stedim Biotech Completes Acquisition Of Selected Assets Of Danaher's Life Sciences Portfolio". Reuters. April 30, 2020.
  49. ^ Macdonald, Gareth John (May 12, 2020). "Sartorius' Acquisition of Danaher Techs Fits Demand for Process Intensification". Genetic Engineering and Biotechnology News.
  50. ^ "GE Healthcare Life Sciences rebrands to 'Cytiva'". ATMP Sweden.
  51. ^ Neibauer, Michael (May 6, 2020). "Danaher names next CEO". American City Business Journals.
  52. ^ "Precision NanoSystems joins Danaher's Life Sciences Platform" (Press release). Cytiva. June 1, 2021.
  53. ^ "Danaher Completes Acquisition of Aldevron" (Press release). PR Newswire. August 30, 2021.
  54. ^ Nadeem, Dania (June 17, 2021). Kalluvila, Sriraj (ed.). "Danaher to buy Moderna supplier Aldevron for about $9.6 billion". Reuters.
  55. ^ "Cytiva and Pall Life Sciences complete integration to create a global innovation and solutions leader in biotechnology". Cytiva (Press release). May 2, 2023.
  56. ^ Sterling, John (May 2, 2023). "Merger of Cytiva and Pall's Life Sciences Business Now Complete". Genetic Engineering and Biotechnology News.
  57. ^ "Danaher Corporation Completes Separation of Veralto Corporation" (Press release). PR Newswire. September 30, 2023. Archived from the original on October 1, 2023.
  58. ^ Maffei, Lucia (October 3, 2023). "Veralto, the latest Bay State public company, makes market debut". American City Business Journals.
  59. ^ "Veralto Begins Trading as Public Company" (Press release). Veralto. October 2, 2023.
  60. ^ "Danaher completes $5.7 billion acquisition of Abcam". Reuters. December 6, 2023.
  61. ^ Mishra, Manas (August 28, 2023). "Danaher to buy Abcam in deal valued at $5.7 billion". Nasdaq.
  62. ^ "FDA Permits Marketing of First Point-of-Care Hepatitis C RNA Test" (Press release). Food and Drug Administration. June 27, 2024.
  63. ^ "Genedata Joins Danaher Corporation" (Press release). GeneData. August 19, 2024.
  64. ^ Green, John (September 12, 2023). Barely Contained Rage: An Open Letter to Danaher and Cepheid (video). Vlogbrothers – via Youtube.
  65. ^ Baker, Kamrin (September 12, 2023). "John Green & Grassroots Activists Pressure Danaher To Drop Price of Tuberculosis Test". Good Good Good.
  66. ^ Lawrence, Lizzy; Silverman, Ed (September 14, 2023). "Novelist John Green Launches Attack on Cepheid over the Price of Its TB Test". Stat.
  67. ^ "MSF: TB test price reduction by Cepheid and Danaher is a step in the right direction". Doctors Without Borders. September 19, 2023.
  68. ^ Mahdavi, Darius (September 19, 2023). "'Pure Price-Gouging': Advocates celebrate price drop of critical TB test but say Big Pharma needs to do more". CBC.
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