PerkinElmer, Inc. (NYSE: PKI), a global leader focused on improving the health and safety of people and the environment, today announced that it has completed the sale of its Illumination and Detection Solutions (IDS) business to Excelitas Technologies Corp., an affiliate of Veritas Capital Fund Management, L.L.C., a New York-based private equity firm.
“We are very pleased to announce the completion of our divestiture of the IDS business”
On August 31, 2010, PerkinElmer entered into an agreement to sell the Company's IDS business to Veritas, for approximately $500 million in cash ($482 million net of payment for acquired cash balances).
"We are very pleased to announce the completion of our divestiture of the IDS business," said Robert Friel, chairman and CEO of PerkinElmer. "As announced in August, we believe this transaction enables us to be a more focused, less complex organization with reduced exposure to more cyclical end markets. The completion of the transaction also frees up capital to reinvest in our more attractive businesses, and pursue targeted acquisitions to complement and expand our portfolio, as well as repurchase shares."
The IDS business consists of over 3,000 employees and 14 manufacturing facilities worldwide and is a leading global provider of high-performance specialty lighting and sensor components, subsystems and integrated solutions to major OEMs serving a number of applications within various health, environmental, and security segments. The business is expected to generate revenue of approximately $300 million in 2010.