PerkinElmer Divests Other Businesses to Focus on Life Sciences and Diagnostics
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By LabMedica International staff writers Posted on 02 Aug 2022 |
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Image: PerkinElmer is divesting its Applied, Food and Enterprise Services businesses (Photo courtesy of PerkinElmer)
PerkinElmer, Inc. (Waltham, MA; USA) has entered into an agreement with the intention to divest its Applied, Food and Enterprise Services businesses to New Mountain Capital (New York, NY, USA) for total consideration of USD 2.45 billion in cash.
The business being divested includes PerkinElmer’s leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental & safety and applied end markets. The PerkinElmer brand will be transferred with the business, and the transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and other customary closing conditions. The company’s business following the close of the transaction will consist of its Life Sciences and Diagnostics businesses.
“Today's announcement is a pivotal step in the significant portfolio transformation we have been executing on over the last several years," said Prahlad Singh, president and chief executive officer of PerkinElmer. "Following the close of the transaction, we will be a pure-play, high growth, high margin Life Sciences and Diagnostics company with unique scale. The Company’s increased financial strength will support accelerated investment into attractive end markets across science and disease, and drive advanced research, discovery, and improve global health.”
Singh continued, "This milestone has been made possible by the hard work of our nearly 17,000 employees across the globe. It is a validation of our people and the incredible businesses we have built. With this transaction, the Applied, Food and Enterprise Services businesses are gaining a partner who is committed to building on their record of success. Upon closing of the transaction, I believe both organizations will benefit significantly from increased focus and aligned investment on their unique market opportunities.”
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