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Danaher pays $250m for API to join PacSci and Atlas Copco

01 March, 2000

The Danaher Corporation is buying the motion control and heat transfer specialist American Precision Industries (API) for around $250m in cash.

The deal, approved by the directors of both companies, will boost Danaher`s presence in the motion controls industry. It already owns Pacific Scientific and last year bought Atlas Copco`s controls business.

API`s subsidiary API Motion has a product range that includes servo and stepper motors, micromotors, drives, clutches, brakes and gearboxes. About 40% of API`s $235m revenue comes from its heat exchanger business, but Danaher says it is likely to sell this operation.

Danaher chief executive George Sherman says that API`s technologies "are highly complementary to our existing motion business". He predicts that the acquisition will widen Danaher`s customer base.

Sherman`s counterpart at API, Kurt Wiedenhaupt, says that "the similarity in strategy and values of both companies makes this an ideal combination". API, whose headquarters are in Buffalo, New York, employs more than 2,000 people worldwide. Last year, API`s motion business produced sales worth $146m - up from $121m the previous year. Its profits rose from $9.5m to $12.5m.

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