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 intensiveness, enabling consistent free cash flow generation Somewhat cyclical end markets Acquisition growth strategy, which creates integration risks R&D requirements to match the growing technological sophistication of products The investment-grade ratings on Danaher Corp. reflect the firm's excellent business risk profile, modest financial risk profile, and ample liquidity, factors offset to some extent by its somewhat aggressive business objectives and moderately conservative financial policies. Danaher is a diversified industrial manufacturer primarily operating three business segments--professional instrumentations (which includes environmental, medical technologies, and electronic test operations), industrial technologies (which mainly includes the motion and
