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. Moderately conservative financial policies stemming from debt-financed acquisitions; Somewhat cyclical end markets; and Research and development (R&D) requirement to match the growing technological sophistication of products. The ratings on Danaher Corp. reflect the company's excellent business risk profile, marked by substantial diversity and a track record of strong operating efficiency. The company's somewhat aggressive business objectives and moderately conservative financial policies partially offset these strengths. The company is a diversified industrial manufacturer primarily operating in four business segments: professional instrumentation (environmental and electronic test equipment), industrial
