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Biotech / Medical : New Brunswick Scientific Co., Inc. (NBSC)
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To: richardred who wrote (688)1/20/2005 12:32:43 AM
From: richardred  Read Replies (1) of 724
 
TMO-goes big and SPX exits

UPDATE 1-Thermo Electron to buy SPX's Kendro division
Wed Jan 19, 2005 06:37 PM ET
(Adds outlook, company comment, previous LOS ANGELES)
NEW YORK, Jan 19 (Reuters) - Thermo Electron Corp. (TMO.N: Quote, Profile, Research) on Wednesday said it will buy Kendro Laboratory Products from SPX Corp. (SPW.N: Quote, Profile, Research) for $833.5 million in its biggest-ever acquisition.

Thermo, which has made a series of recent acquisitions, said it has a commitment for a credit facility of $600 million to finance a portion of the Kendro purchase that will enhance its line of laboratory equipment.

The Waltham, Massachusetts-based laboratory equipment maker expects the acquisition to add at least 10 cents per share to adjusted earnings in the first full year of financial consolidation. Thermo expects it will add to net earnings by the second full year but did not specify by how much.

Kendro had 2004 sales of about $375 million.

"The combined company allows us to deliver even greater value to our customers by creating a broader offering of laboratory and sample preparation technologies, as well as enhanced laboratory service capabilities," Thermo Chief Executive Marijn Dekkers said in a statement.

Thermo did not say when it might incur a charge related to the acquisition as the cash deal remains subject to regulatory approvals.

SPX said it expects after-tax net proceeds of $675 million from the Kendro sale and would use the money to pay down debt and buy back stock.

yahoo.reuters.com
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