Standard&Poor's Ratings Services' 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 three business segments: professional instrumentation (environmental and electronic test equipment), industrial technologies (motion control and product identification platforms), and medical technologies (dental, life sciences, and critical care diagnostics). The company is also partner into a recently formed tools and components joint venture with Cooper Industries PLC. Danaher's blended end markets exhibit varying degrees of cyclicality. This portfolio balance--in combination with significant recurring consumables revenues, customer, end-market, and
