Diversification by product, end market, customer, and geography Strong brand names with leadership positions in most product lines Extensive distribution network Very competitive cost base Low capital intensity, enabling consistent free cash flow generation Moderate, cyclical end-market exposure Acquisition growth strategy and integration risks Competes in many fragmented, highly competitive markets, limiting price flexibility The ratings on Danaher Corp. reflect the firm's strong business profile, an above-average financial risk profile, ample liquidity, and a moderately conservative financial policy. Recently, the company announced that it had submitted a cash tender offer to purchase Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers, for $730 million, and the Gendex division of DENTSPLY International Inc. (BBB+/Negative/A-2) for approximately $103 million in cash. Based
