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Equipment makers merge to form new kid on the block

Thermo Electron (Hampton, NH) has agreed to merge with Fisher Scientific to form a global provider of lab equipment for the plastics sector with $9 billion in expected revenues and $1 billion in cash flow in 2007. Under the terms, Fisher shareholders receive two shares of Thermo common stock for each Fisher share, so that Thermo shareholders will own about 39% of the combined company. Headquarters will be at Fisher''s site in Waltham, MA.

Marijn E. Dekkers, president and CEO of Thermo, becomes president and CEO of the combined company while Paul M. Meister, vice chairman of the board at Fisher becomes board chairman of the new company to be called Thermo Fisher Scientific Inc. Management sees $200 million in cost synergies generated by the transaction in the next three years. The deal, however, still requires shareholder and regulatory approvals.

TAGS: Business
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