NEW YORK (Standard&Poor's) Sept. 20, 2004--Standard&Poor's Ratings Services said that its ratings and outlook on Danaher Corp. (A+/Stable/--) are unaffected by the announcement by Danaher that it has agreed to make a cash tender offer for unrated Trojan Technologies Inc. of approximately $185 million cash. Danaher is a Washington. D.C.-based industrial conglomerate. The acquisition of Trojan, which manufactures UV lighting systems for disinfecting wastewater and treating contaminated soil and ground water for municipal water, consumer, and industrial markets, will broaden Danaher's water-quality product portfolio. Trojan had trailing revenues of approximately $120 million for the 12 months ended June 30, 2004, indicating a price-to-sales measure of 1.54x, similar to what ITT Industries Inc. (BBB+/Stable/A-2) paid for Trojan's
