WASHINGTON (AP) -- Danaher is selling its Pacific Scientific Aerospace business to British aerospace and defense company Meggitt PLC for $685 million in cash, the company said Tuesday.
Danaher, which makes medical and industrial instruments, said Pacific Scientific added 7 cents per share to its profit in 2010 and brought in $378 million in revenue. The sale does not include Artus, a division of Pacific Scientific that is based in France and makes motors, position sensors, and other devices. Meggitt has also made an offer for Artus, but Danaher said it must consult with the Artus works council, which represents workers, before agreeing to sell the business. The consultation is required by French law.
The companies expect the deal to close during the second quarter, Danaher said.
Danaher Corp.'s third-quarter profit soared 84 percent and it recently upped its earnings outlook for the fourth quarter.
The Washington company provides products and services to professional, medical, industrial, and commercial customers.