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 Moderately cyclical end markets, Acquisition growth strategy, which creates integration risks, and Limited pricing flexibility. The investment-grade ratings on Danaher Corp. reflect the company's well-above-average profile, an above-average financial risk profile, and ample liquidity, offset by somewhat aggressive business objectives and a moderately conservative financial policy. Danaher is a diversified industrial manufacturer operating primarily six business segments--electronic test, motion, product identification, hand tools, environmental, and medical technologies. Although Danaher's end markets are moderately cyclical, factors such as strong brand-name recognition; customer, end-market, and geographic diversity; limited
