Danaher Corp. to Acquire X-Rite Inc.
WASHINGTON, DC—April 10, 2012—Danaher Corp. announced it has entered into a definitive merger agreement with X-Rite Inc. under which Danaher will acquire X-Rite for $5.55 per share in cash, or approximately $625 million, including debt assumed and net of cash acquired. The transaction was unanimously approved by the X-Rite board of directors.
X-Rite is a global leader in color measurement technology. The company, which includes design industry color provider Pantone, develops, manufactures, markets and supports innovative color solutions through measurement systems, software, color standards and services. Upon closing X-Rite will be part of Danaher’s Product Identification group.
“We are excited about the opportunity to acquire two premier brands in X-Rite and Pantone,” said William K. Daniel II, executive vice president of Danaher. “Color measurement is an attractive market adjacency to our existing product identification businesses. X-Rite’s color measurement technologies complement Esko’s digital packaging design capabilities to provide customers with a full range of solutions to meet their packaging and design needs.
“Along with Videojet and Esko, we believe X-Rite and Pantone will further Danaher’s leading position in the product identification industry and present an attractive value creation opportunity,” added Daniel.
Thomas J. Vacchiano Jr., X-Rite’s CEO said, “Joining Danaher enhances X-Rite’s ability to achieve our growth goals while realizing a significant and immediate all-cash premium for X-Rite stockholders. Danaher’s global scale, market presence and resources will allow X-Rite to accelerate our growth, particularly for our key strategic initiatives like PantoneLIVE and Appearance solutions. As part of Danaher, X-Rite will be able to expand our access to new markets and complementary technologies.”
Upon completion of the transaction, X-Rite, headquartered in Grand Rapids, MI, will operate as a standalone company within Danaher’s Product Identification group, which is a part of its Industrial Technology Segment. X-Rite’s existing management team will continue to hold key senior leadership positions at the company following the close of the transaction. X-Rite will continue to do business under its existing X-Rite, Pantone and other leading brands.