WASHINGTON, U.S.: Danaher, a global science and technology conglomerate operating in the field of healthcare, among others, has announced its intention to spin off its dental segment into an independent, publicly traded company to be named DentalCo. The transaction is expected to be completed in the second half of 2019.
According to Danaher, DentalCo will be a premier global partner for the dental community, with industry-leading positions and brands providing world-class innovation, service and solutions for customers. DentalCo will consist of Danaher’s current dental businesses: Nobel Biocare, Ormco and KaVo Kerr. The segment generated revenue of nearly $3 billion in 2017, and DentalCo is expected to have an investment-grade credit rating and a global team of approximately 12,000 associates.
“This is an important step towards realizing even greater potential for both Danaher and our dental business,” said CEO and President Thomas P. Joyce Jr. “Today’s announcement demonstrates our commitment to maximizing long-term value for all of our shareholders, customers and associates. We believe that our dental business can be more effective as a standalone company, with greater focus around both organic and inorganic investment opportunities.”
Joyce continued, “Through recent growth investments and productivity initiatives, combined with the team’s strong commitment to continuous improvement and the Danaher Business System, the dental segment is in a better position today to accelerate its growth trajectory, drive continued margin expansion, and pursue M&A opportunities. We believe this is an impactful combination that will support an attractive earnings growth profile going forward.”
Danaher announced that Amir Aghdaei will become President and CEO of DentalCo upon completion of the transaction and will join DentalCo’s board of directors. Aghdaei joined the company in 2008 and currently serves as group executive with responsibility for the dental segment.
Two other Danaher leaders will join Aghdaei on the board while retaining their roles at Danaher: Executive Vice President Dan Daniel and Daniel Raskas, Senior Vice President of Corporate Development. In addition, Dan Comas, Danaher’s Executive Vice President and Chief Financial Officer, will serve as a special adviser to DentalCo after completion of the spin-off.
Aghdaei stated: “Our team’s commitment to execution and continuous improvement provide a strong foundation for meaningful value creation going forward. We intend to build upon and reinforce our common culture―the Danaher Business System―and will continue to deliver world-class innovation, service and solutions for our customers.”
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