Danaher buying Kollmorgen, Colfax’s Warner Electric product lines
Following a year with only one acquisition, Danaher Corp. agreed May 4 to buy Kollmorgen (Waltham, Mass.) for approximately $325 million. Danaher also announced it will purchase several product lines of Colfax Corp.'s (Richmond, Va.) Warner Electric business for about $144 million.
Washington, D.C. — Following a year with only one acquisition, Danaher Corp. agreed May 4 to buy Kollmorgen (Waltham, Mass.) for approximately $325 million. Danaher also announced it will purchase several product lines of Colfax Corp.’s (Richmond, Va.) Warner Electric business for about $144 million.
Danaher will pay $23 for each of Kollmorgen’s 10.3 million outstanding shares, or about $240 million in cash, and will assume $85 million of the motion control equipment manufacturer’s debt. Danaher’s planned tender offer for Kollmorgen’s shares will need to be approved by at least a two-thirds majority of the voting shareholders before the offer expires.
Colfax agreed May 4 to sell the linear products, motors, and precision specialist lines of its Warner Electric business to Danaher for $144 million in cash. Colfax reports the sale will need regulatory approvals and is expected to close in 2Q00.
“We’re pleased an agreement was reached to sell the Warner Motion Control products lines to Danaher,” stated Philip Knisely, Colfax’s president and ceo. “Danaher’s position as a global leader in motion control products should bring a great deal of value to the customers, associates, and other stakeholders of the product lines.”
Other recent acquisitions by Danaher include: Atlas Copco Controls (Stockholm, Sweden) for an undisclosed price in September 1999; Fluke Corp. (Everett, Wa.) for $625 million in April 1998; and Pacific Scientific (Newport Beach, Calif.) for $460 million in February 1998.
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