Danaher Corp. signs agreement to acquire Marconi Commerce Systems

WASHINGTON, Dec. 20, 2001 — Danaher Corporation announced today that it has signed a definitive agreement to purchase Marconi Commerce Systems, formerly known as Gilbarco, from Marconi plc for $325 million.

The acquisition remains subject to regulatory approval and other customary closing conditions. Gilbarco, with approximately $500 million in revenues, is a global provider in retail automation and environmental products and services. First-year Danaher EPS accretion is expected to be minimal.

"Gilbarco represents an excellent and natural adjacency for Danaher's environmental platform and its Veeder-Root business," remarked H. Lawrence Culp, Jr., Danaher's President and Chief Executive Officer. "Combining Gilbarco and Veeder-Root creates a global franchise with outstanding brands uniquely capable of providing a full range of integrated automation and environmental solutions for our retail petroleum customers.

Additionally, the purchase of Gilbarco will accelerate Veeder-Root initiatives in vapor recovery and supply chain management. We also expect to leverage the Danaher Business System to capture significant cost savings in the combined businesses in the future."