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 technologies (motion control and product identification platforms), medical technologies (dental, life sciences, and critical care diagnostics), and tools and components. Danaher's blended end markets exhibit varying degrees of cyclicality. This portfolio balance, in combination with significant recurring consumables revenues, customer, end-market, and geographic diversity, limited capital intensity, and strong asset management, contributes to relatively stable earnings, cash flow, and return
