Diversification by product, end market, customer, and geography. Strong brand names, with leadership positions in most product lines. Very competitive cost base. Low capital intensity, enabling consistent free cash flow. Moderately conservative financial policies stemming from debt-financed acquisitions. Cyclical exposure in industrial end markets. Research and development (R&D) requirement to match the growing technological sophistication of products. The ratings on Washington-based diversified industrial and medical equipment manufacturer Danaher Corp. reflect the company's "strong" business risk profile and its "modest" financial profile. Following its $6.8 billion partly debt-financed acquisition of Beckman Coulter in 2011, the company's credit measures have returned to levels that we consider adequate for the rating. We expect the company to continue to generate consistent free operating cash
