Danaher agrees to pay $185M for Trojan Technologies

WASHINGTON, DC, Sept. 20, 2004 (PRNewswire-FirstCall) -- Danaher Corp. has agreed with Trojan Technologies Inc. to make a cash tender offer to acquire all of the shares of Trojan for CAD$10.65 per share (USD $8.25 per share) for an aggregate price of about US$185 million, including transaction costs and net of cash acquired. The value of the deal in Canadian dollars is roughly $247 million for the Toronto Stock Exchange-traded company.

Trojan's Board of Directors has recommended that the shareholders of Trojan accept the tender offer. The consummation of the offer will be subject to regulatory approvals and other customary closing conditions.

Trojan, based in London, Ontario, Canada, with annual revenues of about US$100 million, is a worldwide leader in the design, manufacture and sale of water treatment solutions using ultraviolet (UV) technologies. Earnings accretion is expected to be minimal for 2004.

Danaher President and CEO H. Lawrence Culp Jr. said, "The acquisition of Trojan brings another premier brand name to Danaher's Environmental platform and broadens our footprint in water quality into the water disinfection segment. We look forward to working with the management and associates of Trojan to build on the strong foundation they have established in this attractive growth market."

Marvin DeVries, president and CEO of Trojan, said the transaction would provide the company with enhanced access to financial resources and a stronger global base.

"Both Trojan and Danaher share a common vision of providing innovative solutions for the water quality market," DeVries said. "By joining forces, we will be able to expand at a faster pace into important emerging markets such as China, Eastern Europe and India. We look forward to this new and exciting chapter in Trojan's business."

Danaher Corp. (www.danaher.com) is a leading manufacturer of Process/Environmental Controls and Tools and Components. To date, its acquisitions in the water treatment industry have focused mostly on instrumentation and analytical equipment -- grouped largely under The Hach Company.

More information about Trojan Technologies can be found online at www.trojanuv.com