PerkinElmer Isn't For Sale, CEO Says; Shares Slide
February 25 2011 - 12:38PM
Dow Jones News
PerkinElmer Inc. (PKI) isn't for sale, its chief executive said
Friday, disputing reports that sent its stock up 6.9% Thursday.
"Media reports containing speculation to the effect that
PerkinElmer is for sale, or positioning itself for sale, are
inaccurate," CEO Robert Friel said in a statement. "A sale of the
company is not being discussed, and such a transaction is not in
the company's strategic plans."
Shares of PerkinElmer, which sells analytical products and
services to the health-care and industrial sectors, slid 3.6% in
recent trading to $26.72. They are up 19% in the past year.
Friel was responding to reports Thursday suggesting the company
was considering pursuing a large acquisition or putting itself up
for sale after making an unsuccessful attempt for medical-test
maker Beckman Coulter Inc. (BEC).
Danaher Corp. (DHR) earlier this month agreed to acquire Beckman
Coulter for $5.87 billion, ending two months of speculation about
the future of Beckman, which endured a rough year last year
following the recall of a faulty test for heart problems, multiple
financial-guidance cuts and an unexpected CEO resignation.
"We continue to be on strategy with regard to our plans for
growth, and we remain in strong financial health," Friel said.
"PerkinElmer remains committed to growing our business and
leveraging the strong foundation we've already built to achieve
future growth," he added.
PerkinElmer reported at the beginning of this month that its
fourth-quarter earnings soared as it booked a $315.3 million gain
on the disposition of discontinued operations. It saw growth in
both its environmental-health division and human-health division,
with revenue up 8% and 12%, respectively.
-By Caitlin Nish, Dow Jones Newswires; 212-416-2076;
caitlin.nish@dowjones.com
--Jon Kamp and Lauren Pollock contributed to this article.
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