Abstract
Perkin-Elmer, Norwalk, Conn., has signed a definitive agreement to sell its analytical instruments division to EG&G of Wellesley, Mass., for $425 million, signaling a strategic shift for each company. We set out three years ago to transform the company into the preeminent supplier of genetic products and services to life sciences markets, says Tony L. White, Perkin-Elmer's chairman, president, and chief executive officer. The sale marks a significant milestone in that transformation. Under the agreement, EG&G will pay $275 million in cash and issue Perkin- Elmer a $150 million note, maturing in one year and paying a 5% interest rate. In return, most assets, including the Perkin- Elmer brand name, and liabilities of the analytical instruments division will be transferred to EG&G. Perkin-Elmer will change its name to PE Corp. following completion of the deal, which is expected in April, pending regulatory approval. Perkin-Elmer announced its intention to sell the division, which has annual sales ...
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