Standard&Poor's said today that Danaher Corp.'s (A+/Stable/--) plan to raise about $350 million through the sale of 5 million common shares has no effect on the company's credit rating or outlook. Proceeds will be used for general corporate purposes, including potential acquisitions and debt reduction. Debt to capital at Dec. 31, 2001, stood at 35%, within the firm's expected 25%-40% range, and Danaher had cash and equivalents of $706 million. Danaher's aggressive growth plan will include strategic and niche acquisitions, financed in a manner that will preserve the balance sheet, while maintaining ample financial flexibility.
