Thermo Fisher Scientific Inc. (TMO) has agreed to buy Doe &
Ingalls Management LLC for $175 million in cash, as the supplier of
analytical technologies and laboratory products continues its
acquisition spree.
Doe & Ingalls provides specialty production chemicals and
related services to the biopharmaceutical and microelectronics
industry. The company generated revenue of $110 million in
2011.
Thermo Fisher, which recently reported its first-quarter
earnings rose 10% on a revenue rise from all segments, has seen
strong sales growth over recent quarters, aided by acquisitions and
its expansion into Asia-Pacific markets. Last year, the company
agreed to buy closely held allergy-testing company Phadia AB for
$3.5 billion.
"Doe & Ingalls will strengthen our value proposition by
adding products and services that address the production market
within our extensive customer base, which we have historically
served primarily from a research perspective," said Thermo Fisher's
Chief Executive Marc N. Casper.
The deal comes amid a heated battle for acquisitions in the
laboratory equipment sector. Earlier this week, Hologic Inc. (HOLX)
agreed to acquire test-maker Gen-Probe Inc. (GPRO) in a $3.7
billion deal intended to expand the health-products company's
diagnostics business.
Doe & Ingalls will be part of Thermo Fisher's customer
channels business within its laboratory products and services
segment.
Shares of Thermo Fisher were down fractionally in recent trading
to $55.53. Through Monday's close, the stock was up 23% so far this
year.
-By Kristin Jones; Dow Jones Newswires; 212-416-2208;
kristin.jones@dowjones.com