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Danaher Corp. Maintains An 'A+' Rating Despite Its Debt-Incurring Acquisition Of Beckman Coulter

By proposing to acquire Beckman Coulter Inc. in February 2011, Washington-based medical and industrial equipment maker Danaher Corp. accepted higher debt levels and the risk of a credit rating downgrade. Standard & Poor's placed its 'A+' rating for the company on CreditWatch negative at the time. Yet after further review, we recently affirmed our rating on the company. In this CreditMatters TV segment, Director Gregoire Buet explains why we believe that Danaher's strong business risk profile, its ability to reduce debt with significant free operating cash flow generation, and a very modest dividend payout, were some of the key considerations behind the affirmation.

Danaher Corp. video

Danaher Corp. Maintains An 'A+' Rating Despite Its Debt-Incurring Acquisition Of Beckman Coulter

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Danaher to Acquire Beckman Coulter for $6.8 Billion (DHR, BEC)

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Executives

H. Lawrence Culp, Jr., President and Chief Executive Officer
Mr. Culp is President and Chief Executive Officer of Danaher, a position he has held since May 2001. Mr. Culp has played a key role in the creation of the Company’s strategic vision, including the evolution of Danaher’s portfolio to a leading science and technology company. Mr. Culp has also played a leadership role in the development of the Danaher Business System, the common operating philosophy and model deployed across Danaher. During Mr. Culp’s tenure, Danaher’s revenues and market capitalization have increased fourfold to greater than $16 billion and $35 billion, respectively.
Mr. Culp began his Danaher career in 1990 at Veeder-Root where he became President in 1993. He subsequently became a Group Executive and Corporate Officer in 1995 where he had primary leadership responsibility for Danaher's Environmental and Test and Measurement businesses. In 1999 he was appointed Executive Vice President and became Chief Operating Officer in 2000.
Prior to joining Danaher, Mr. Culp held positions with Accenture.
Mr. Culp is a member of the Board of Directors for GlaxoSmithKline, plc., the Board of Visitors and Governors for Washington College and the Board of Trustees for Potomac School.
Mr. Culp earned his B.A. from Washington College and his MBA from Harvard Business School.
Daniel L. Comas, Executive Vice President and Chief Financial Officer
Mr. Comas became Executive Vice President and Chief Financial Officer in April 2005. Mr. Comas joined Danaher in 1991 in the Corporate Development organization. In 1996, he was appointed Vice President, Corporate Development, responsible for Danaher’s merger and acquisition activities, and in 1999 was given additional responsibility for the corporate treasury function. In April 2004, Mr. Comas was appointed Senior Vice President, Finance and Corporate Development, and assumed further responsibility for legal services and corporate risk management.
Mr. Comas received his undergraduate degree in Economics from Georgetown University and his MBA from Stanford University.
Daniel Raskas, Senior Vice President, Corporate Development
Mr. Raskas is the Senior Vice President, Corporate Development for Danaher Corporation and has been with Danaher since 2004. He manages a corporate team of M&A professionals. His team is responsible for all aspects of M&A and investment activity, including identification, valuation, due diligence, contract strategy and negotiations. Prior to coming to Danaher, Mr. Raskas was a partner at Thayer Capital Partners, a private equity firm based in Washington DC focused on buyout and growth equity investments in the middle market. Preceding his time at Thayer Capital Partners, Mr. Raskas was an M&A attorney at Arnold and Porter.
Mr. Raskas has a JD from Harvard Law School and a Masters of International Affairs from Columbia University.

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