NEW YORK (Standard&Poor's) March 29, 2004—Standard&Poor's Ratings Services said today that Danaher Corp. (A+/Stable/--) announcement that it has signed a definitive agreement to purchase unrated Kaltenbach&Voight GmbH (KaVo) for approximately €350 million ($425 million) in cash has no immediate impact on credit ratings or outlook on the Washington, D.C.-based diversified industrial company. The addition of KaVo to Danaher's medical instrumentation segment appears to be a good strategic fit with the recently acquired Gendex business, as it further extends Danaher's product portfolio of premium equipment sold into the dental practice and laboratory markets. In fiscal 2003, KaVo generated sales of €370 million, had mid-single-digit operating (EBIT) margins, and employed 3,300 people. With 50% gross margins,
