PerkinElmer Isn't For Sale, CEO Says; Shares Slide

Date : 02/25/2011 @ 12:38PM
Source : Dow Jones News
Stock : Beckman Coulter, Inc. (BEC)
Quote : 83.47  0.0 (0.00%) @ 2:05AM

PerkinElmer Isn't For Sale, CEO Says; Shares Slide

Perkin Elmer (NYSE:PKI)
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PerkinElmer Inc. (PKI) isn't for sale, its chief executive said Friday, disputing reports that sent its stock up 6.9% Thursday.

"Media reports containing speculation to the effect that PerkinElmer is for sale, or positioning itself for sale, are inaccurate," CEO Robert Friel said in a statement. "A sale of the company is not being discussed, and such a transaction is not in the company's strategic plans."

Shares of PerkinElmer, which sells analytical products and services to the health-care and industrial sectors, slid 3.6% in recent trading to $26.72. They are up 19% in the past year.

Friel was responding to reports Thursday suggesting the company was considering pursuing a large acquisition or putting itself up for sale after making an unsuccessful attempt for medical-test maker Beckman Coulter Inc. (BEC).

Danaher Corp. (DHR) earlier this month agreed to acquire Beckman Coulter for $5.87 billion, ending two months of speculation about the future of Beckman, which endured a rough year last year following the recall of a faulty test for heart problems, multiple financial-guidance cuts and an unexpected CEO resignation.

"We continue to be on strategy with regard to our plans for growth, and we remain in strong financial health," Friel said. "PerkinElmer remains committed to growing our business and leveraging the strong foundation we've already built to achieve future growth," he added.

PerkinElmer reported at the beginning of this month that its fourth-quarter earnings soared as it booked a $315.3 million gain on the disposition of discontinued operations. It saw growth in both its environmental-health division and human-health division, with revenue up 8% and 12%, respectively.

-By Caitlin Nish, Dow Jones Newswires; 212-416-2076;

--Jon Kamp and Lauren Pollock contributed to this article.


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