WALTHAM, Mass., March 20 /PRNewswire-FirstCall/ -- Thermo Fisher
Scientific Inc. (NYSE: TMO), the world leader in serving science, announced
that it has signed an agreement with the Gerresheimer Group to form a joint
venture that would create a leading manufacturer of disposable and reusable
glass labware for scientific laboratories. Gerresheimer is a leading global
supplier of specialty glass and plastic devices for life sciences markets.
The new entity, called Kimble/Chase Life Scienceware, LLC, will be based in
New Jersey, with additional operations in the U.S., Germany, Mexico and
China. The closing of the joint venture is subject to customary closing
conditions, including applicable regulatory approvals.
"This joint venture will reshape the glass consumables marketplace,"
said Guy Broadbent, senior vice president and president of laboratory
products for Thermo Fisher Scientific. "The combination of well-known glass
labware brands from Thermo Fisher and Gerresheimer will form a leading
supplier with an extensive product portfolio and a global footprint. With
its significant production capabilities in China, the new business will be
able to more effectively deliver its products to customers in that growing
market as well as other parts of the world."
Dr. Axel Herberg, president and CEO of the Gerresheimer Group, said,
"This combination of mutual strengths marks an important step in the
logical expansion of our businesses in the highly specialized pharma and
life science markets. Through the formation of this joint venture, we will
gain new dynamism in an important market segment of life science research."
Under the agreement, Thermo Fisher will own 49% of the joint venture,
contributing its Chase Scientific, Scherf and Pfeiffer glassware lines,
which generated approximately $55 million of revenue in 2006 and are
manufactured in the U.S. and Germany. Gerresheimer, which will own 51%,
contributes its life science research products including certain Kimble,
Kontes and Bomex brands, which generated approximately $68 million of 2006
revenue and are manufactured in the U.S., Mexico and China. The agreement
expands an existing sales and marketing joint venture that has been in
place since 2001.
About Thermo Fisher Scientific
Thermo Fisher Scientific (NYSE: TMO) is the world leader in serving
science, enabling our customers to make the world healthier, cleaner and
safer. With an annual revenue rate of more than $9 billion, we employ
30,000 people and serve over 350,000 customers within pharmaceutical and
biotech companies, hospitals and clinical diagnostic labs, universities,
research institutions and government agencies, as well as environmental and
industrial process control settings. Serving customers through two premier
brands, Thermo Scientific and Fisher Scientific, we help solve analytical
challenges from routine testing to complex research and discovery. Thermo
Scientific offers customers a complete range of high-end analytical
instruments as well as laboratory equipment, software, services,
consumables and reagents to enable integrated laboratory workflow
solutions. Fisher Scientific provides a complete portfolio of laboratory
equipment, chemicals, supplies and services used in healthcare, scientific
research, safety and education. Together, we offer the most convenient
purchasing options to customers and continuously advance our technologies
to accelerate the pace of scientific discovery, enhance value for customers
and fuel growth for shareholders and employees alike. Visit
http://www.thermofisher.com.
The following constitutes a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: This press release contains
forward- looking statements that involve a number of risks and
uncertainties. Important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements are set
forth in the Company's Annual Report on Form 10-K for the year ended
December 31, 2006, under the caption "Risk Factors," which is on file with
the Securities and Exchange Commission and available in the "Investors"
section of our Website under the heading "SEC Filings." We also may make
forward-looking statements about the benefits of the merger of Thermo
Electron and Fisher Scientific, including statements about future financial
and operating results, the new company's plans, objectives, expectations
and intentions and other statements that are not historical facts.
Important factors that could cause actual results to differ materially from
those indicated by forward-looking statements include risks and
uncertainties relating to: the risk that the businesses will not be
integrated successfully; the risk that the cost savings and any other
synergies from the transaction may not be fully realized or may take longer
to realize than expected; disruption from the transaction making it more
difficult to maintain relationships with customers, employees or suppliers;
competition and its effect on pricing, spending, third-party relationships
and revenues; the need to develop new products and adapt to significant
technological change; implementation of strategies for improving internal
growth; use and protection of intellectual property; dependence on
customers' capital spending policies and government funding policies;
realization of potential future savings from new productivity initiatives;
general worldwide economic conditions and related uncertainties; the effect
of changes in governmental regulations; the effect of exchange rate
fluctuations on international operations; the effect of laws and
regulations governing government contracts; the effect of competing with
certain of our customers and suppliers; and the effect of rapid changes in
the healthcare industry. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any
obligation to do so, even if our estimates change and, therefore, you
should not rely on these forward-looking statements as representing our
views as of any date subsequent to today.
Media Contact Information: Investor Contact Information:
Lori Gorski Ken Apicerno
Phone: 781-622-1242 Phone: 781-622-1111
E-mail: E-mail:
lori.gorski@thermofisher.com ken.apicerno@thermofisher.com
Website:
http://www.thermofisher.com
SOURCE Thermo Fisher Scientific Inc.
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Related links:
http://www.thermofisher.com/
http://www.prnewswire.com/comp/877850.html /
CONTACT:
Media, Lori Gorski, +1-781-622-1242,
lori.gorski@thermofisher.com, or Investor, Ken Apicerno,
+1-781-622-1111, ken.apicerno@thermofisher.com, both of Thermo
Fisher Scientific Inc.
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