Thermo Fisher Scientific Signs Agreement to Acquire Gatan From Sarasota-based Roper Technologies
WALTHAM, Mass. and SARASOTA, Fla., June 28, 2018 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, and Roper Technologies, Inc.(NYSE: ROP), a leading diversified technology company, today announced that they have entered into a definitive agreement under which Thermo Fisher will acquire Gatan, Inc., a wholly owned subsidiary of Roper, for approximately $925 million in cash. Gatan is a leading manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes.
Gatan's technologies are used in materials science, electronics and life sciences to enable electron microscopy workflows – from specimen preparation and manipulation to imaging and analysis. These solutions, which are platform agnostic, include filter systems, cameras and proprietary software. With approximately 320 employees globally, Gatan is headquartered in Pleasanton, Calif., and has key manufacturing operations in Warrendale, Penn. The business is expected to generate approximately $150 million in revenue for full year 2018.
Dan Shine, president of Thermo Fisher's Analytical Instruments business, said, "Gatan has been a trusted supplier of components to the electron microscopy industry for many years, and we look forward to building on its strong reputation. Adding Gatan's technologies to our leading electron microscopy portfolio will enhance our customer offering by creating an integrated system that seamlessly connects microscope hardware, software and accessories. We look forward to welcoming the Gatan team to Thermo Fisher."
"Thermo Fisher is the perfect home for Gatan, and the combination of these businesses will be an ideal fit for Gatan's customers and employees," said Brian Jellison, Roper's chairman, president and chief executive officer. "We are grateful to Gatan's talented employees for their contributions to Roper and wish them continued success with their revolutionary work to enable electron microscopy technology."
The transaction, which is expected to be completed by the end of 2018, is subject to customary closing conditions, including regulatory approvals. The pre-merger waiting period for the transaction under Hart-Scott-Rodino in the U.S. expired June 4, 2018. Upon completion of the transaction, Gatan will become part of Thermo Fisher's Analytical Instruments Segment.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with revenues of more than $20 billion and approximately 70,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands – Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services – we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive support. For more information, please visit www.thermofisher.com.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000 and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the company's website at www.ropertech.com.
Gatan is the world's leading manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. Gatan's products, which are fully compatible with all brands of electron microscopes, cover the entire range of the analytical process from specimen preparation and manipulation to imaging and analysis. Its customer base spans the complete spectrum of end users of analytical instrumentation typically found in industrial, governmental and academic laboratories. The applications addressed by these scientists and researchers include metallurgy, semiconductors, electronics, biological science, new materials research and biotechnology. The Gatan brand name is recognized and respected throughout the worldwide scientific community and has been synonymous with high-quality products and the industry's leading technology.
Forward Looking Statements
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 forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to Thermo Fisher's recent or pending acquisitions may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in Thermo Fisher's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which is on file with the SEC and available in the "Investors" section of Thermo Fisher's website under the heading "SEC Filings." While the parties to the acquisition may elect to update forward-looking statements at some point in the future, they specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing the parties' views as of any date subsequent to today.
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