Danaher to Buy X-Rite

X-Rite, a global leader in color science and technology, has signed a definitive merger agreement with Danaher under which Danaher will acquire the company for $5.55 per share in cash, or a total of approximately $625 million including the assumption of debt, net of cash. The transaction is expected to close during the second quarter of 2012.

"Joining Danaher enhances X-Rite's ability to achieve our growth goals while realizing a significant and immediate all-cash premium for X-Rite stockholders," notes Thomas J. Vacchiano Jr., X-Rite's CEO. "Danaher's global scale, market presence and resources will allow X-Rite to accelerate our growth, particularly for our key strategic initiatives like PantoneLIVE and Appearance solutions. As part of Danaher, X-Rite will be able to expand our access to new markets and complementary technologies."

Upon completion of the transaction, X-Rite, headquartered in Grand Rapids, Mich., will operate as a stand-alone company within Danaher's Product Identification group which is a part of their Industrial Technology Segment. X-Rite's existing management team will continue to hold key senior leadership positions. X-Rite will continue to do business under its existing X-Rite, Pantone and other leading brands.

Following the announcement, X-Rite unveiled its new portfolio of i1 Professional Color Management Solutions on Wednesday. It now includes a newly redesigned i1Pro 2 spectrophotometer, which will reportedly provide an even higher level of accuracy, versatility, ergonomics, functionality and value.