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Fisher scientific closes Apogent merger.

Hampton, NH 8/2/04--Fisher Scientific International has completed its merger with Apogent Technologies (see IBO 3/31/04), making Apogent a direct, wholly owned subsidiary. In a tax-free, stock-for-stock exchange, Apogent shareholders received 0.56 shares of Fisher common stock for each share of Apogent stock, which was valued at $32.59 per share based on Fisher's July 30 closing price. The merger is valued at approximately $4 billion. Reflecting the merger closing and its latest outlook, Fisher adjusted guidance for 2004 sales growth to 27.5%-29.5% excluding currency, and to 20.0%-22.0% for 2003. Scientific Products and Services segment revenue is estimated to increase 34%-37%, and Healthcare Products and Services segment revenue is expected to increase 18%-22%. Lab workstation sales are estimated to decline 14%-16%. (For quarterly results from Fisher and Apogent, see page 12.)

Fisher estimates that 74% of its 2004 pro form revenue will be from the scientific research market, 23% from clinical labs and 3% from biopharma production. Proprietary products now account for 60% of the company products and consumables account for 80%. In its conference call, Fisher said it has finalized consolidation plans for corporate administrative functions and integration of manufacturing and distribution locations. It also said that it plans to make more acquisitions in related areas.
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Title Annotation:Executive briefing: news, trends & market intelligence for instrument executives
Publication:Instrument Business Outlook
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 15, 2004
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