Danaher Corp., which said in December that it would eliminate 1,700 jobs and close 13 factories, is expanding the planned reorganization as sales and profits decline.
The Washington. D.C.-based company (NYSE: DHR), which purchased Beaverton-headquartered Tektronix Inc. in 2007 for $2.8 billion, now expects to reduce its workforce by 2,300 and close or consolidate 16 sales and manufacturing facilities. The cost of the reorganization has risen to $150 to $170 million from December’s estimate of $40 to $60 million.
Danaher announced Thursday that profits fell 14 percent in the first quarter of 2009 to $237.7 million, or 72 cents pershare, compared with $276.5 million, or 83 cents a share, in the year ago period. Sales declined 13 percent to $2.63 billion.
Danaher makes industrial equipment and instruments. It is perhaps best-known for making Craftsman tools for Sears, but it has made a series of acquisitions in recent years expanding it both internationally and domestically into areas such as dental X-ray machines.
Danaher's stock was up almost 4 percent in earlier trading Thursday to $56.93. It has a 52-week range of $47.20 to $85.
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