Danaher Corporation has signed a definitive agreement to purchase Viridor Instrumentation Limited from the Pennon Group Plc. The acquisition remains subject to regulatory approval and other customary closing conditions.
Viridor, with revenues of approximately $75 million, designs and manufactures analytical instruments for clean water, wastewater, ultrapure water and other fluids and materials. Viridor is based in the United Kingdom with operations in eight countries including the United States and Switzerland. The expected purchase price to be paid at closing is approximately $135 million. First year EPS accretion is expected to be minimal.
"Viridor represents an excellent product, technological, and geographical fit for our existing water quality platform," remarked H. Lawrence Culp, Jr., Danaher's president and chief executive officer. "Viridor enables our water quality group to compete more effectively on a global scale, facilitating our entry into complementary end markets such as beverage and pharmaceutical, while adding capabilities in ocean water and atmospheric testing. In addition, we expect to utilize our existing infrastructure to enable significant future profitability gains in the business."