Danaher Corporation issued the following announcement on July 19.
Danaher Corporation (NYSE: DHR) today announced its intention to spin off its Dental segment into an independent, publicly-traded company ("DentalCo"). The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the second half of 2019.
"This is an important step towards realizing even greater potential for both Danaher and our Dental business," said Thomas P. Joyce, Jr., President & Chief Executive Officer. "Today's announcement demonstrates our commitment to maximizing long-term value for all of our shareholders, customers and associates. We believe that our Dental business can be more effective as a standalone company, with greater focus around both organic and inorganic investment opportunities."
Joyce continued, "Through recent growth investments and productivity initiatives, combined with the team's strong commitment to continuous improvement and the Danaher Business System, the Dental segment is in a better position today to accelerate its growth trajectory, drive continued margin expansion, and pursue M&A opportunities. We believe this is an impactful combination that will support an attractive earnings growth profile going forward."
Amir Aghdaei will become President and Chief Executive Officer of DentalCo upon completion of the transaction, and will join DentalCo's Board of Directors. Mr. Aghdaei joined Danaher in 2008 and currently serves as Group Executive with responsibility for the Dental segment.
Two other Danaher leaders will join Mr. Aghdaei on DentalCo's Board of Directors while retaining their roles at Danaher: Dan Daniel, Executive Vice President, and Daniel Raskas, Senior Vice President, Corporate Development. In addition, Dan Comas, Danaher's Executive Vice President and Chief Financial Officer, will serve as a special advisor to DentalCo post-spin.
Mr. Aghdaei stated, "I am incredibly honored and excited to lead our Dental business as a standalone public company. Our team's commitment to execution and continuous improvement provide a strong foundation for meaningful value creation going forward. We intend to build upon and reinforce our common culture ― the Danaher Business System ― and will continue to deliver world-class innovation, service and solutions for our customers. This is a tremendous opportunity to enhance our strategic position, and I look forward to leading the team through this important milestone."
Original source can be found here.
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