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; and Low capital intensity, enabling consistent free cash flow. Relatively more aggressive financial policies stemming from debt-financed acquisitions; Somewhat cyclical end markets; and Research and development to match the growing technological sophistication of products. The ratings on Danaher Corp. continue to reflect the company's excellent business risk profile, modest financial risk profile, and ample liquidity, offset to some extent by its somewhat aggressive business objectives and moderately conservative financial policies. The company is a diversified industrial manufacturer primarily operating in four business segments: professional instrumentation (environmental and electronic test equipment), industrial technologies (motion control and
