New company Thermo Fisher Scientific becomes a leading provider of products and services in the high-growth life, laboratory, and health sciences industry
Thermo Electron and Fisher Scientific International have announced that the merger of the two companies has been completed, creating Thermo Fisher Scientific, the world leader in serving science.
The companies combined in a tax-free, stock-for-stock transaction following anti-trust clearance received from the European Commission.
The new company, headquartered in Waltham, Mass, has approximately US$9 billion in revenues and 30,000 employees.
Thermo Fisher Scientific will trade on the New York Stock Exchange under the symbol TMO.
"This is a historic day for both companies, as two industry leaders join forces to create Thermo Fisher Scientific," said Marijn Dekkers, president and chief executive officer of Thermo Fisher Scientific.
"The new company combines Thermo's industry-leading analytical instrumentation with Fisher's world-renowned laboratory reagents and consumables.
"As a result, we can deliver advanced technology and integrated workflows to help our customers push the boundaries of scientific discovery, with increased efficiency.
"In addition, we have unprecedented access to our customers across the globe through the largest sales force in the industry, and through our catalogue and e-commerce channels".
"With a seasoned leadership team in place, we now look forward to realising the benefits of this combination quickly and seamlessly, while working toward the long-term success of our new organisation".
Under the terms of the agreement, Fisher shareholders received 2.00 shares of Thermo common stock for each share of Fisher common stock they own.
Thermo's shareholders own approximately 39 percent of the combined company, and Fisher shareholders own approximately 61 percent.
"With this transaction, we have created the world's only provider of fully integrated, end-to-end solutions in the life, laboratory and health sciences industry," said Paul Meister, chairman of the board of Thermo Fisher Scientific and previously vice chairman of Fisher Scientific.
"We are uniquely positioned to accelerate earnings growth for our shareholders, enhance our capabilities for customers and multiply opportunities for our employees".
Thermo Fisher Scientific will provide more details about the company, including an update to its 2007 guidance, at an Analyst Day to be held in New York City on 14 December 2006.
