The Washington D.C.-based company said that the transaction is intended to be tax-free to Danaher shareholders, and expected to close in the second half of next year.
“This is an important step towards realizing even greater potential for both Danaher and our dental business. 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. 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,” prez & CEO Thomas Joyce Jr. said in a prepared statement.
As part of the spin-out, current dental group exec Amir Aghdaie will become president and CEO of the newly formed company, Danaher said.
Aghdaie will be joined by exec VP Dan Daniel and senior VP of corporate development Daniel Raskas, who will join the newly formed company’s board of directors. Current CFO Dan Comas will also serve as an advisor to the spun-out company.
“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,” Aghdaie said in a prepared statement.
Last August, Danaher’s Leica Microsystems said that it won FDA 510(k) clearance for its FL560 fluorescence microscope filter designed for visualizing cerebrovascular blood flow when used in conjunction with dye fluorescein.