Thermo Fisher To Buy Doe & Ingalls For $175 Million Cash

Date : 05/01/2012 @ 10:30AM
Source : Dow Jones News
Stock : Thermo Fisher Scientific (TMO)
Quote : 168.01  9.2 (5.79%) @ 7:07PM

Thermo Fisher To Buy Doe & Ingalls For $175 Million Cash

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Thermo Fisher Scientific Inc. (TMO) has agreed to buy Doe & Ingalls Management LLC for $175 million in cash, as the supplier of analytical technologies and laboratory products continues its acquisition spree.

Doe & Ingalls provides specialty production chemicals and related services to the biopharmaceutical and microelectronics industry. The company generated revenue of $110 million in 2011.

Thermo Fisher, which recently reported its first-quarter earnings rose 10% on a revenue rise from all segments, has seen strong sales growth over recent quarters, aided by acquisitions and its expansion into Asia-Pacific markets. Last year, the company agreed to buy closely held allergy-testing company Phadia AB for $3.5 billion.

"Doe & Ingalls will strengthen our value proposition by adding products and services that address the production market within our extensive customer base, which we have historically served primarily from a research perspective," said Thermo Fisher's Chief Executive Marc N. Casper.

The deal comes amid a heated battle for acquisitions in the laboratory equipment sector. Earlier this week, Hologic Inc. (HOLX) agreed to acquire test-maker Gen-Probe Inc. (GPRO) in a $3.7 billion deal intended to expand the health-products company's diagnostics business.

Doe & Ingalls will be part of Thermo Fisher's customer channels business within its laboratory products and services segment.

Shares of Thermo Fisher were down fractionally in recent trading to $55.53. Through Monday's close, the stock was up 23% so far this year.

-By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com




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