New combined company creates the leading provider of products and services
in the high-growth life, laboratory and health sciences industry
WALTHAM, Mass., Nov. 9 /PRNewswire-FirstCall/ -- Thermo Electron
Corporation (NYSE: TMO) and Fisher Scientific International Inc. (NYSE:
FSH) today announced that the merger of the two companies has been
completed, creating Thermo Fisher Scientific Inc., the world leader in
serving science. The companies combined in a tax-free, stock-for-stock
transaction following anti-trust clearance received from the European
Commission earlier today. The new company, headquartered in Waltham, Mass.,
has approximately $9 billion in revenues and 30,000 employees. Thermo
Fisher Scientific will trade on the New York Stock Exchange under the
symbol "TMO."
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"This is a historic day for both companies, as two industry leaders
join forces to create Thermo Fisher Scientific," said Marijn E. Dekkers,
president and chief executive officer of Thermo Fisher Scientific. "The new
company combines Thermo's industry-leading analytical instrumentation with
Fisher's world-renowned laboratory reagents and consumables. As a result,
we can deliver advanced technological solutions and integrated workflows to
help our customers push the boundaries of scientific discovery, with
increased efficiency. In addition, we have unprecedented access to our
customers across the globe through the largest sales force in the industry,
and through our catalog and e-commerce channels. With a seasoned leadership
team in place, we now look forward to realizing the benefits of this
combination quickly and seamlessly, while working toward the long-term
success of our new organization."
Under the terms of the agreement, Fisher shareholders received 2.00
shares of Thermo common stock for each share of Fisher common stock they
own. Thermo's shareholders own approximately 39 percent of the combined
company, and Fisher shareholders own approximately 61 percent.
"With this transaction, we have created the world's only provider of
fully integrated, end-to-end solutions in the life, laboratory and health
sciences industry," said Paul M. Meister, chairman of the board of Thermo
Fisher Scientific and previously vice chairman of Fisher Scientific. "We
are uniquely positioned to accelerate earnings growth for our shareholders,
enhance our capabilities for customers and multiply opportunities for our
employees."
Thermo Fisher Scientific will provide more details about the company,
including an update to its 2007 guidance, at an Analyst Day to be held in
New York City on December 14, 2006.
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 annual sales 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.
Information set forth in this press release contains forward-looking
statements, which involve a number of risks and uncertainties. Thermo
Fisher Scientific cautions readers that any forward-looking information is
not a guarantee of future performance and that actual results could differ
materially from those contained in the forward-looking information. Such
forward-looking statements include, but are not limited to, statements
about the benefits of the business combination transaction involving Thermo
Electron and Fisher Scientific, including 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 such forward-looking statements are set forth in
Thermo Electron's and Fisher Scientific's filings with the SEC, including
their respective Quarterly Reports on Form 10-Q for the third quarter of
2006. These 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; dependence on customers that operate in
cyclical industries; general worldwide economic conditions and related
uncertainties; the effect of changes in governmental regulations; exposure
to product liability claims in excess of insurance coverage; and the effect
of exchange rate fluctuations on international operations. Thermo Fisher
Scientific undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Contact Info
Media Contact Information: Lori Gorski
Phone: 781-622-1062
E-mail: lori.gorski@thermofisher.com
Website: http://www.thermofisher.com
Investor Contact Information: Ken Apicerno
Phone: 781-622-1111
E-mail: ken.apicerno@thermofisher.com
Related Links
http://www.thermofisher.com
http://www.fishersci.com
SOURCE Thermo Electron Corporation and Fisher Scientific
International Inc.
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Related links:
http://www.thermofisher.com
http://www.fishersci.com
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CONTACT:
Media Contact Information: Lori Gorski,
+1-781-622-1062, lori.gorski@thermofisher.com; or Ken Apicerno,
+1-781-622-1111, ken.apicerno@thermofisher.com, both of Thermo
Electron Corporation
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