| Thermo Fisher Scientific and Gerresheimer Group to Form Joint Venture Creating Leading Glass Labware Business |
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March 20 2007 |
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WALTHAM, Mass., March 20, 2007 – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, announced that it has signed an agreement with the Gerresheimer Group to form a joint venture that would create a leading manufacturer of disposable and reusable glass labware for scientific laboratories. Gerresheimer is a leading global supplier of specialty glass and plastic devices for life sciences markets. The new entity, called Kimble/Chase Life Scienceware, LLC, will be based in New Jersey, with additional operations in the U.S., Germany, Mexico and China. The closing of the joint venture is subject to customary closing conditions, including applicable regulatory approvals.
"This joint venture will reshape the glass consumables marketplace," said Guy Broadbent, senior vice president and president of laboratory products for Thermo Fisher Scientific. "The combination of well-known glass labware brands from Thermo Fisher and Gerresheimer will form a leading supplier with an extensive product portfolio and a global footprint. With its significant production capabilities in China, the new business will be able to more effectively deliver its products to customers in that growing market as well as other parts of the world."
Dr. Axel Herberg, president and CEO of the Gerresheimer Group, said, "This combination of mutual strengths marks an important step in the logical expansion of our businesses in the highly specialized pharma and life science markets. Through the formation of this joint venture, we will gain new dynamism in an important market segment of life science research."
Under the agreement, Thermo Fisher will own 49% of the joint venture, contributing its Chase Scientific, Scherf and Pfeiffer glassware lines, which generated approximately $55 million of revenue in 2006 and are manufactured in the U.S. and Germany. Gerresheimer, which will own 51%, contributes its life science research products including certain Kimble, Kontes and Bomex brands, which generated approximately $68 million of 2006 revenue and are manufactured in the U.S., Mexico and China. The agreement expands an existing sales and marketing joint venture that has been in place since 2001.
About Thermo Fisher Scientific
Thermo Fisher Scientific (NYSE: TMO) is the world leader in serving science, enabling our customers to make the world healthier, cleaner and safer. With an annual revenue rate of more than $9 billion, we employ 30,000 people and serve over 350,000 customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental and industrial process control settings. Serving customers through two premier brands, Thermo Scientific and Fisher Scientific, we help solve analytical challenges from routine testing to complex research and discovery. Thermo Scientific offers customers a complete range of high-end analytical instruments as well as laboratory equipment, software, services, consumables and reagents to enable integrated laboratory workflow solutions. Fisher Scientific provides a complete portfolio of laboratory equipment, chemicals, supplies and services used in healthcare, scientific research, safety and education. Together, we offer the most convenient purchasing options to customers and continuously advance our technologies to accelerate the pace of scientific discovery, enhance value for customers and fuel growth for shareholders and employees alike. Visit www.thermofisher.com.
The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, under the caption "Risk Factors," which is on file with the Securities and Exchange Commission and available in the "Investors" section of our Website under the heading "SEC Filings." We also may make forward-looking statements about the benefits of the merger of Thermo Electron and Fisher Scientific, including statements about future financial and operating results, the new company's plans, objectives, expectations and intentions and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; competition and its effect on pricing, spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; use and protection of intellectual property; dependence on customers' capital spending policies and government funding policies; realization of potential future savings from new productivity initiatives; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; the effect of exchange rate fluctuations on international operations; the effect of laws and regulations governing government contracts; the effect of competing with certain of our customers and suppliers; and the effect of rapid changes in the healthcare industry. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. |
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