Danaher Agrees to Acquire EskoArtwork
Deal is expected to close in first half of the year.
Danaher Corporation, the Washington DC-based manufacturer whose products span various industries, has announced that it has signed a definitive agreement to acquire EskoArtwork from Axcel for a purchase price of approximately $470 million. Upon closing, the business will become a part of Danaher’s Product Identification platform. The transaction is subject to customary closing conditions and is expected to close in the first half of 2011.
“This is an important and very positive step in the continued development of the company,” says Carsten Knudsen, CEO of EskoArtwork. “I and the entire management team are excited to see Danaher’s strategic interest to acquire the company and develop EskoArtwork as an autonomous business. We see this as a vote of confidence in our strategy and a strong belief in our ability to continue to grow in the future.”
Danaher is a diversified technology company that designs, manufactures, and markets products and services to professional, medical, industrial, and commercial customers. Its portfolio of brands includes Alltec, Armstrong Tools, Craftsman Hand Tools, Dover, K-D Tools, Kobalt Hand Tools, Lecia Microsystems, Matco Tools, Red Jacket, Sata, Tektronix, Videojet, and many others. Danaher has 47,000 employees in more than 125 countries; 2009 revenues were $11.2 billion.
Esko and Artwork Systems combined their operations in 2007 when the principal shareholders of Artwork Systems Group agreed to sell their shares in Artwork Systems Group to Esko. Esko is owned by Axcel, the Danish private equity fund.