Culp said many of those orders were from companies GE has acquired, or taken by GE salespeople as the company tried to capture market share in a competitive landscape for power generation products and services.
Danaher estimates the acquisition will reduce GAAP diluted net earnings per share by approximately $1.15 to $1.20 but will be accretive to non-GAAP, adjusted diluted net earnings per share by approximately $0.45 to $0.50 in the first full year post acquisition. It makes instruments and software that support the research and development of drugs. GE's biopharma business accounted for 15 percent of the company's healthcare revenue in 2018.
Yields on GE bonds, which move in the opposite direction of their price, fell to the lowest in about four months across dozens of debt securities and the risk premium demanded by investors in exchange for holding GE paper declined.
"Known for decades as a titan of American business, GE has struggled in recent years with a bevy of problems".
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Culp became CEO of Danaher in 2001 at the age of 37.
"Culp was credited for having led a turnaround at Danaher". According to market analyst, the price that Danaher Corp paid for GE's Biopharma arm was actually twice what was expected. GE has hundreds of thousands of former and current employees covered by pension plans. Last year, it bought Integrated DNA Technologies, a gene-sequencing and editing company, for $2 billion.
To reorganize its business, GE in October replaced John Flannery with Larry Culp as GE's CEO.
Of course, that means that the remaining portion of GE Health may not have as robust a growth outlook, but he argues that the company got a good price, and that the benefit of shoring up the balance sheet was more than worth the loss. 'So folks don't look at us like a desperate seller, ' he said. "We are on better footing".
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"He said management now plans to focus on closing the biotech sale to Danaher this year, while re-evaluating plans for an IPO of the rest of the health-care division, which primarily makes MRI machines and hospital equipment", Gryta adds. With a focus on medical imaging, the Chicago-based health unit will retain the company's pharmaceutical diagnostics business, which includes substances used in conjunction with medical imaging.
Culp told Bloomberg the company was shelving a plan for a public offering, at least for now with the Danaher deal.
The announcement also further eased concerns about GE's solvency that had grown markedly past year, reflected in a surge in the price for GE credit default swaps, a form of insurance against default, during the fourth quarter.
"Rarely do we see both the acquirer and the seller's stocks react so positively on a deal announcement".
Prince William and Kate on royal visit to Northern Ireland
The Royal couple then departed the venue, waving to the gathered crowds, ahead of another full day of engagements on Thursday. The Youth Village, which sits on the shores of Lough Erne, caters for young children from across the island of Ireland.