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
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.
Media Contact Information: Lori Gorski
Investor Contact Information: Ken Apicerno
SOURCE Thermo Electron Corporation and Fisher Scientific International Inc.