Company Merger Announced
Prestigious Hampton Company Moves HQ to Mass.
By Scott E. Kinney, Atlantic News Staff Writer
Atlantic News, Friday, May 12, 2006
[The following article is courtesy of Atlantic News.]
HAMPTON -- Hampton-based Fisher Scientific International Inc. and Thermo Electron Corporation of Waltham, Mass., announced on Monday the merger of the two companies.
The transforming merger will create the leading provider of laboratory products and services in the high-growth life, laboratory and health sciences industry. The new company will be named Thermo Fisher Scientific Inc. and is projected to have 2007 revenues exceeding $9 billion.
Marijn E. Dekkers, president and chief executive officer of Thermo will become president and chief executive officer of the combined company. Paul M. Meister, vice chairman of the board for Fisher will become chairman of the board. Following the close of the transaction, Paul M. Montrone, Fisher's current chairman and chief executive officer will be stepping aside in support of the new management team. He will be concentrating on launching new business opportunities and will remain an adviser to the company.
"This combination brings together two well-respected industry leaders in the life, laboratory and health sciences marketplace to create a company that has the product breadth, global reach and operational expertise to drive significant value for shareholders, customers and employees," said Dekkers in a press release sent out by the two companies.
Thermo Fisher Scientific will be headquartered in Waltham, Mass. The company will maintain an office in Hampton.
The transaction is subject to approval by both companies' shareholders as well as customary closing conditions and regulatory approvals. The transaction is expected to close in the fourth quarter of 2006.