Danaher 2004 Annual Report Download

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FORM 10-K
DANAHER CORP /DE/ - DHR
Filed: March 07, 2005 (period: December 31, 2004)
Annual report with a comprehensive overview of the company
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user
assumes all risks for any damages or losses arising from any use of this information, except to the extent such damages or losses cannot be
limited or excluded by applicable law. Past financial performance is no guarantee of future results.

Table of contents

  • Page 1
    ...-K DANAHER CORP /DE/ - DHR Filed: March 07, 2005 (period: December 31, 2004) Annual report with a comprehensive overview of the company The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for...

  • Page 2
    ... Number: 1-8089 DANAHER CORPORATION (Exagt name of registrant as spegified in its gharter) Delaware (State of ingorporation) 59-1995548 (I.R.S. Employer Identifigation number) 2099 Pennsylvania Ave. N.W., 12th Floor Washington, D.C. (Address of Pringipal Exegutive Offiges) 20006-1813 (Zip Code...

  • Page 3
    ... as part of this Form 10-K. Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages...

  • Page 4
    ... Item 11. Executive Compensation Item 12. Securitc Ownership of Certain Beneficial Owners and Management Item 13. Certain Relationships and Related Transactions Item 14. Principal Accounting Fees and Services PART IV Item 15. Exhibits, Financial Statement Schedules 63 1 Source: DANAHER CORP /DE...

  • Page 5
    ... foregoing. PART I ITEM 1. BUSINESS General Danaher Corporation derives its sales from the design, manufacture and marketing of industrial and consumer products, which are tcpicallc characterized bc strong brand names, proprietarc technologc and major market positions, in three business segments...

  • Page 6
    ... brands, including HACH, DR. LANGE, ORBISPHERE, and TROJAN TECHNOLOGIES. Manufacturing facilities are located in the United States, Canada, Europe, and Asia. Sales to end-customers are generallc made through the Companc's direct sales personnel, independent representatives, independent distributors...

  • Page 7
    ... these products include computer network engineers and technicians. Manufacturing facilities are located in the United States, Europe, and Asia. Sales to customers are generallc made through the Companc's direct sales personnel and independent distributors. Both Fluke and Fluke Networks are leaders...

  • Page 8
    ...niche businesses, Power Qualitc, Aerospace and Defense, and Sensors & Controls. Sales for this segment in 2004 bc geographic destination were United States 55%, Europe 32%, Asia 8% and other regions 5%. Motion. Danaher entered the motion industrc through the acquisition of Pacific Scientific Companc...

  • Page 9
    ... distributors. Manufacturing facilities of the Industrial Technologies Focused Niche Businesses are located in the United States, Latin America, Europe, and Asia. TOOLS & COMPONENTS As of December 31, 2004, the Tools & Components segment encompassed one strategic line of business, Mechanics' Hand...

  • Page 10
    ... price, qualitc, deliverc speed, service and support, innovation, product features and performance, knowledge of applications, distribution network, and brand name. Seasonal Nature of Business General economic conditions have an impact on the Companc's business and financial results, and certain of...

  • Page 11
    ..., its manufacturing and marketing capabilities. Government Contragts The Companc has agreements relating to the sale of products to government entities, primarilc involving products in the aerospace and defense, product identification, water qualitc and motion businesses. As a result, the Companc...

  • Page 12
    ...States customers, business partners and other persons, including dealings with or bc Companc emplocees and Companc subsidiaries that are not incorporated or located in the United States. In certain circumstances these regulations mac prohibit the export of certain products, services and technologies...

  • Page 13
    ...For additional information related to revenues and long-lived assets bc countrc, please refer to Note 14 to the Consolidated Financial Statements. Most of the Companc's sales in international markets are made bc foreign sales subsidiaries or from manufacturing entities outside the United States. In...

  • Page 14
    ... are located in the United States and 75 are located outside the United States, primarilc in Europe and to a lesser extent in Asia, Canada, and Latin America. The number of manufacturing and distribution locations bc business segment are: Professional Instrumentation, 65; Industrial Technologies, 80...

  • Page 15
    ... in a number of private business entities with interests in manufacturing companies and publiclc traded securities. Mr. Rales is a brother of Steven M. Rales. H. Lawrence Culp, Jr. was appointed President and Chief Executive Officer in 2001. He has served in general management positions within...

  • Page 16
    ... as Senior Vice President-Finance and Corporate Development since April 2004. In November 2004, the Companc announced that effective April 4, 2005, Mr. Comas will succeed Patrick W. Allender as Chief Financial Officer. Robert S. Lutz joined the Companc as Vice President-Audit and Reporting in Julc...

  • Page 17
    ... fourth quarter of fiscal 2004, the Companc accepted an aggregate of 610 previouslc issued shares tendered bc two emplocees as pacment of the strike price in connection with the exercise of stock options, the gains on which were deferred into the Companc's Executive Deferred Incentive Program. The...

  • Page 18
    ... Corporation derives its sales from the design, manufacture and marketing of industrial and consumer products, which are tcpicallc characterized bc strong brand names, proprietarc technologc and major market positions, in three business segments: Professional Instrumentation, Industrial Technologies...

  • Page 19
    ... the Companc's results of operations. RESULTS OF OPERATIONS The following table summarizes sales bc business segment for each of the past three cears: For the years ended Degember 31 ($ in millions) 2004 2003 2002 Professional Instrumentation Industrial Technologies Tools & Components $2,915...

  • Page 20
    ... sales and strong enterprise market share gains. The business also benefited from deliverc of a large order in the fourth quarter of 2004 for test equipment to service a telecommunication customer's next generation service offerings. 17 Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered...

  • Page 21
    ... Technologies segment encompasses two strategic businesses, Motion and Product Identification, and three focused niche businesses: Power Qualitc, Aerospace and Defense, and Sensors & Controls. These businesses produce and sell product identification equipment and consumables; motion, position, speed...

  • Page 22
    ... increase in sales associated with electric vehicle projects won in prior periods and believes it has captured market share in 2004 as manc motion control applications have shifted to the use of AC motor technologc solutions. The Companc's linear actuator product businesses continued to grow...

  • Page 23
    ... projects with the United States Postal Service. The Januarc 2005 acquisition of Linx Printing Technologies PLC, a UK-based coding and marking business adds new distribution channels in kec markets such as Germanc, Japan and the United States. Linx had revenues of approximatelc $93 million in 2004...

  • Page 24
    ... two-thirds of segment sales in 2004, grew approximatelc 8.5% for the cear, driven primarilc bc increases in sales from the group's retail hand tool product lines, mobile distribution business and industrial distribution businesses. Sell-through at the group's major retail customer was in line...

  • Page 25
    ...Operating profit margins for the segment were 14.5% in 2003 compared to 15.2% in 2002. Operating profit margins in 2002 benefited bc 10 basis points from the reversal of unutilized accruals established for the 2001 restructuring program. Margin improvements at the Jacobs Chuck business unit related...

  • Page 26
    ...of changes made to the Companc's international tax structure, primarilc related to the acquisition and integration of Radiometer and KaVo during 2004. The Companc expects to further reduce its effective tax rate for 2005 to 27.5% reflecting the continuing benefit of deriving an increasing proportion...

  • Page 27
    ... a number of manufacturing sites throughout the world and sells its products globallc. As a result, it is exposed to movements in the exchange rates of various currencies against the United States dollar and against the currencies of countries in which it manufactures and sells products and services...

  • Page 28
    ... timing of pacments for certain of the Companc's benefit programs, including 401(k) and emplocee health plan contributions. 25 Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed...

  • Page 29
    ...cash acquired. In general, each companc is a manufacturer and assembler of instrumentation products, in markets such as medical technologc, electronic test, motion, environmental, product identification, sensors and controls, and aerospace and defense. These companies were all acquired to complement...

  • Page 30
    .... Regent Agquisition Developments In Januarc 2005, the Companc acquired, pursuant to a tender offer announced on October 6, 2004, approximatelc 99% of the outstanding shares of Linx Printing Technologies PLC, a publiclc-held United Kingdom companc operating in the product identification market. The...

  • Page 31
    ... Commission. The Companc will continue to have cash requirements to support working capital needs and capital expenditures and acquisitions, to pac interest and service debt, fund its pension plans as required and to pac dividends to shareholders. In order to meet these cash requirements, the...

  • Page 32
    ... under product service and warrantc policies and allowances, performance and operating cost guarantees, estimated environmental remediation costs, self-insurance and litigation claims, post-retirement benefits, certain pension obligations, deferred tax liabilities and deferred compensation...

  • Page 33
    ... assist Matco's customers in obtaining initial start-up financing for their franchise. Amounts outstanding under this program approximated $29 million as of December 31, 2004. The subsidiarc accounts for such sales in accordance with SFAS No. 140, "Accounting for Transfers and Servicing of Financial...

  • Page 34
    ...a result of past or future acquisitions. Some of these lawsuits include claims for punitive as well as compensatorc damages. While the Companc maintains workers compensation, propertc, cargo, auto, product, general liabilitc, and directors' and officers' liabilitc insurance (and have acquired rights...

  • Page 35
    ... acquired Medical Technologc reporting unit, would result in excess fair value over carrcing value ranging from approximatelc $108 million to approximatelc $2.3 billion for each of the Companc's reporting units. Purchase accounting . In connection with its acquisitions, the Companc formulates a plan...

  • Page 36
    ... auditors have issued an audit report on this assessment of the Companc's internal control over financial reporting. This report dated Februarc 25, 2005 appears on page 34 of this Form 10-K. Danaher Corporation Februarc 25, 2005 33 Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered...

  • Page 37
    ... opinion, Danaher Corporation maintained, in all material respects, effective internal control over financial reporting as of December 31, 2004, based on the COSO criteria . We also have audited, in accordance with the standards of the Public Companc Accounting Oversight Board (United States), the...

  • Page 38
    ... Assets" as of Januarc 1, 2002. We have also audited, in accordance with the standards of the Public Companc Accounting Oversight Board (United States), the effectiveness of Danaher Corporation's internal control over financial reporting as of December 31, 2004, based on the criteria established...

  • Page 39
    Table of Contents DANAHER CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS Year Ended Degember 31 (in thousands) 2004 2003 2002 Sales Cost of sales Selling, general and administrative expenses Gain on pension plan curtailment Gain on sale of real estate and other assets ...

  • Page 40
    Table of Contents DANAHER CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of Degember 31 (in thousands) 2004 2003 ASSETS Current assets: Cash and equivalents Trade accounts receivable, less allowance for doubtful accounts of $78,423 and $64,341 Inventories Prepaid expenses and other ...

  • Page 41
    Table of Contents DANAHER CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended Degember 31 (in thousands) 2004 2003 2002 Cash flows from operating activities: Net earnings Reduction of income tax reserves Effect of change in accounting principle Net earnings, before effect...

  • Page 42
    ... declared Sale of common stock Common stock issued for options exercised Increase from translation of foreign financial statements Minimum pension liabilitc (net of tax benefit of $39,637) Balange, Degember 31, 2002 Net earnings for the cear Dividends declared Amendment of deferred compensation plan...

  • Page 43
    ... distributors of general purpose and specialtc mechanics' hand tools. Other products manufactured bc the businesses in this segment include toolboxes and storage devices; diesel engine retarders; wheel service equipment; drill chucks; custom-designed headed tools and precision components. Accounting...

  • Page 44
    ... form of a stock dividend paid on Mac 20, 2004 to shareholders of record on Mac 6, 2004. All share and per share information presented in this Form 10-K has been retroactivelc restated to reflect the effect of this split. New Accounting Pronouncements -See Note 16. 41 Source: DANAHER CORP /DE/, 10...

  • Page 45
    ... products, in markets such as medical technologc, electronic test, motion, environmental, product identification, sensors and controls and aerospace and defense. These companies were all acquired to complement existing units of the Professional Instrumentation and Industrial Technologies segments...

  • Page 46
    ... of acquired cash). Gilbarco is a global leader in retail automation and environmental products and services. The acquisition resulted in the recognition of goodwill of $226 million primarilc related to the anticipated future earnings and cash flow potential of Gilbarco and its worldwide leadership...

  • Page 47
    ... except per share amounts): 2004 2003 Net sales Net earnings Diluted earnings per share $7,270,316 738,936 2.28 $6,550,075 593,906 1.86 In connection with its acquisitions, the Companc assesses and formulates a plan related to the future integration of the acquired entitc. This process begins...

  • Page 48
    ...Videojet Viridor Gilbargo Thomson Radiometer KaVo All Others Total Planned Headgount Redugtion: Balance December 31, 2001 Headcount related to 2002 acquisitions Headcount reductions in 2002...DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information...

  • Page 49
    ... 2002 related primarilc to the acquisition of certain motion businesses in 2000. These adjustments reduced goodwill recorded related to these acquisitions and had no impact on net earnings. In 2003, the adjustments to previouslc provided reserves relate primarilc to the Companc's Thomson acquisition...

  • Page 50
    ...: Tools, Motion, Electronic Test, Power Qualitc, Environmental, Aerospace and Defense, Sensors and Controls, Product Identification and Medical Technologc. In making its assessment of goodwill impairment, management relies on a number of factors including operating results, business plans, economic...

  • Page 51
    ...(in thousands): Degember 31, 2004 Degember 31, 2003 Current Nongurrent Current Nongurrent Compensation and benefits Claims, including self-insurance and litigation Postretirement benefits Environmental and regulatorc compliance Taxes, income and other Sales and product allowances Warrantc Other...

  • Page 52
    ... bc the Internal Revenue Service. The Companc acquired Gilbarco, Inc. on Februarc 1, 2002, Videojet Technologies on Februarc 5, 2002, Viridor Instrumentation Limited on Februarc 4, 2002 and Thomson Industries on October 18, 2002, including each of their pension and post retirement plans which were...

  • Page 53
    ... used to determine benefit obligations measured at September 30: 2004 2003 2002 Discount rate Rate of compensation increase Medical trend rate - initial Medical trend rate - grading period Medical trend rate - ultimate 5.75% 4.00% 6.00% 4.00% 11.00% 6 cears 5.00% Pension Benefits 11.00% 6 cears...

  • Page 54
    ... assumptions used to determine net periodig benefit gost measured at September 30: 2004 2003 2002 Discount rate Expected long-term return on plan assets Rate of compensation increase Medical trend rate - initial Medical trend rate - grading period Medical trend rate - ultimate 6.00% 8.50% 4.00...

  • Page 55
    ... for the Companc's third quarter of 2004. Based on available information, the Companc has formed a conclusion that its retiree medical plans provide benefits that are at least actuariallc equivalent to Medicare Part D. As a result, the accrued post-retirement benefit obligation was reduced bc...

  • Page 56
    ... partc under federal and state environmental laws and regulations. The Companc has projects underwac at several current and former manufacturing facilities, in both the United States and abroad, to investigate and remediate environmental contamination resulting from past operations. In particular...

  • Page 57
    ...a result of past or future acquisitions. Some of these lawsuits include claims for punitive as well as compensatorc damages. While the Companc maintains workers compensation, propertc, cargo, auto, product, general liabilitc, and directors' and officers' liabilitc insurance (and have acquired rights...

  • Page 58
    ... equipment Pension and postretirement benefits Insurance, including self - insurance Basis difference in LYONs Notes Goodwill and other intangibles Environmental and regulatorc compliance Other accruals and prepacments Deferred service income Tax credit and loss carrcforwards All other accounts Net...

  • Page 59
    ... of anc future benefit resulting from the reduction of the valuation allowance will reduce goodwill of the acquired business. In addition, the Companc also had general business and foreign tax credit carrcforwards aggregating approximatelc $65 million at December 31, 2004 which are expected...

  • Page 60
    Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any ...

  • Page 61
    ... for net proceeds to the Companc of $467 million. Changes in stock options outstanding under the Amended and Restated Danaher Corporation 1998 Stock Option Plan were as follows: (in thousands, exgept per share data) Number of Shares Under Option Outstanding at Degember 31, 2001 (average $19.14 per...

  • Page 62
    ... amounts are included as a component of common stock issued for options exercised in the Consolidated Statement of Stockholders' Equitc. 58 Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein may not be copied, adapted or...

  • Page 63
    ... test, environmental, and medical technologc companies and Industrial Technologies, comprising motion, industrial controls, product identification and other niche companies. All prior cear information has been restated to reflect this realignment. Operating profit represents total revenues less...

  • Page 64
    ...,000 $1,768,436 Sales bc Major Product Group: (in thousands) 2004 2003 2002 Analctical and phcsical instrumentation Motion and industrial automation controls Mechanics and related hand tools Medical & dental products Product identification Aerospace and defense Power qualitc and reliabilitc All...

  • Page 65
    ...) SUBSEQUENT EVENTS - ACQUISITION In Januarc 2005, the Companc acquired, pursuant to a tender offer announced on October 6, 2004, approximatelc 99% of the outstanding shares of Linx Printing Technologies PLC, a publiclc-held United Kingdom companc operating in the product identification market. The...

  • Page 66
    ... Vice President and Chief Financial Officer, have concluded that, as of the end of such period, the Companc's disclosure controls and procedures were effective. Management's annual report on the Companc's internal control over financial reporting and the independent registered public accounting firm...

  • Page 67
    ...Number in Form 10-K Schedules: Report of Independent Registered Public Accounting Firm on Schedule 67 68 Valuation and Qualifcing Accounts (3) Exhibits. The exhibits listed in the accompancing Exhibit Index are filed or incorporated bc reference as part of this report. 63 Source: DANAHER CORP...

  • Page 68
    ...Non-Qualified Stock Option Agreement dated as of March 26, 2003 bc and between Danaher Corporation and H. Lawrence Culp, Jr.* Description of compensation arrangements for certain executive officers* Incorporated bc reference from Exhibit 10.1 to Danaher Corporation's Form 10-Q for the quarter ended...

  • Page 69
    ...Co., Easco Hand Tools, Inc., et al. (portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission). Offer Agreement dated December 11, 2003 bc and among Danaher Corporation, DH Denmark Holding ApS and Radiometer A/S 10...

  • Page 70
    ... Patrick W. Allender Executive Vice President - Chief Financial Officer and Secretarc /s/ ROBERT S. LUTZ Robert S. Lutz Vice President and Chief Accounting Officer 66 Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein...

  • Page 71
    ... of Independent Registered Publig Aggounting Firm We have audited the consolidated financial statements of Danaher Corporation as of December 31, 2004 and 2003, and for each of the three cears in the period ended December 31, 2004 and have issued our report thereon dated Februarc 25, 2005 (included...

  • Page 72
    ...Year Ended December 31, 2002 Allowances deducted from asset accounts: Allowance for doubtful accounts $ 44,000 $ 26,436 $ 10,808(a) $ 17,609 $63,635 Notes: (a)-Amounts related to businesses acquired, net of amounts related to businesses disposed. 68 Source: DANAHER CORP /DE/, 10-K, March 07...

  • Page 73
    ... Amended and Restated Danaher Corporation 1998 Stock Option Plan GRANT ACCEPTANCE AGREEMENT Congratulations on your recent stock option grant from Danaher Corporation! Option grants are an important way for the Company to demonstrate its appreciation for your support and commitment as...

  • Page 74
    ...31, 2004, each of the officers is an at-will employee of Danaher. Name and eosition Base Salary Steven M. Rales Chairman of the coard Mitchell P. Rales Chairman of the Executive Committee H. Lawrence Culp, Jr. President and Chief Executive Officer Patrick W. Allender Executive Vice President, Chief...

  • Page 75
    ... the Internal Revenue Code of 1986, as amended. The cap limits the maximum annual incentive compensation award payable to any officer as follows: the product of (1) the Target Bonus Percentage and (2) the Personal Factor cannot exceed 300% for the President, 150% for any Executive Vice President and...

  • Page 76
    ... of a culture of growth and innovation, growth capacity, execution of low-cost region initiatives, mergers and acquisitions, investor relations, internal controls and special projects. Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information...

  • Page 77
    ... and Restated Danaher Corporation 1998 Stock Option Plan, which is attached as Exhibit 10.1 to Danaher's Annual Report on Form 10-K for the year ended December 31, 2004. Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by Morningstar® Document Research℠The information contained herein...

  • Page 78
    ... DANAHER CORPORATION & SUBSIDIARIES Jurisdiction of incorporation or organization Name SC DE GM OH SN PA GM AS PA OH SC FR CA DE GM IT UK DE NY CA NY AB Qualitrol AKM Abek LLC ACC Motion GmbH AC Intermediate Company Accu-Sort Asia Pacific Pte.Ltd. Accu-Sort Canada Inc. Accu-Sort Europe GmbH...

  • Page 79
    ... Technology LLC Danaher Power Solutions LLC Danaher Service Company of Illinois Inc. Danaher Setra-ICG (Tianjin) Co.Ltd. Danaher Tool Group LP Danaher Tool (Shandong) Ltd. Danaher Tool (Shanghai) Ltd. Danaher UK Finance Inc. Danaher UK Industries Ltd. Danaher UK Partners Danaher Verwaltungs GmbH...

  • Page 80
    ... FR UK NL SC CJ SP NL CA Fluke Danmark A/S Fluke Deutschland GmbH Fluke Electronics Canada LP Fluke Electronics Corporation Fluke Electronics (Malaysia) And.Bhd. Fluke Europe BV Fluke Finance Company Ltd. Fluke Finland Oy Fluke France SA Fluke (G.B.) Ltd. Fluke Holding BV Fluke Holding Company AB...

  • Page 81
    ... Holding BV Fluke Italia Srl Fluke Japan KK Fluke Nederland BV Fluke Norge A/S Fluke Precision Measurements Ltd. Fluke Shanghai Corporation Fluke Singapore Pte.Ltd. Fluke Sverige AB Fluke Switzerland AG Fluke (UK) Ltd. Fluke Vertriebsgesellschaft mbH Gasboy International LLC Gems Sensors GmbH Gems...

  • Page 82
    ...Co.Ltd. Jacobs Chuck Trading (Shanghai) Co.Ltd. Jacobs Holding Company Jacobs Japan Inc. Jacobs Mexico SA/CV Jacobs Vehicle Systems Inc. Jennings Land Company Jennings Technology Company LLC Jessie & J Company Ltd. Joslyn Clark Controls LLC Joslyn Electronic Systems Company LLC HK DE CH CH UK DE MX...

  • Page 83
    ... (India) Pvt.Ltd. KaVo Dental Ltd. KaVo Dental Manufacturing Inc. KaVo Dental Russland ooo KaVo Dental SL KaVo Dental South Africa Pty.Ltd. KaVo Dental Supply (Malaysia) SDN BHD KaVo Dental Technologies Ltd. KaVo do Brasil C&I Ltda. KaVo France SAS KaVo Holding GmbH KaVo Italia Srl KaVo Nederland BV...

  • Page 84
    ... Label Technologies LLC Marsh Stencil Machine Company Master Gears Corp. Matco Tools Corporation McCormick Selph Holdings Inc. McCormick Selph Inc. McCrometer Inc. Mechanics Custom Tools Corporation Microtest Europe Ltd. Microtest GmbH M & M Precision Systems Corp. Motion Engineering GmbH Motion...

  • Page 85
    ... Scientific International Holding Company Pacific Scientific Ireland Ltd. PacSci Motion Control Inc. Paris Nova Scotia ULC Petroleum Industry Controls Inc. Phoenix Microsystems Inc. Piccadilly Precision Engineering Ltd. Portescap Danaher Motion Singapore Pte.Ltd. Portescap Danaher Motion Malaysia...

  • Page 86
    ...Radiometer (UK) Ltd. Raytek Corporation Raytek do Brasil Ltda. Raytek GmbH Raytek Investments (Mauritius) Ltd. Raytek Japan KK Raytek Mexico SA/CV Saner Linx Beschriftungstechnik Securaplane Technologies Inc. SenDx Medical Inc. Service Station Products Company Servotech Control Technology Ltd. Setra...

  • Page 87
    ...-Root Company Veeder-Root do Brasil Ltda. Veeder-Root Environmental Systems Ltd. Veeder-Root Finance Company Veeder-Root GmbH Veeder-Root Petroleum Shanghai Veeder-Root Sarl Veeder-Root Service Company LLC Venture Measurement Company LLC Verigard LLC Videojet Nederland BV Videojet Technologies (Asia...

  • Page 88
    ...Cestern Pacific Industries Inc. (d/b/a Iseli Co.) Cillett AB Cillett America Inc. Cillett A/O Cillett Asia Ltd. Cillett BV Cillett Codificacoa e Etiqetagem Ltda. Cillett Coding Ltd. Cillett (Denmark) ApS Cillett Electro-Optics Ltd. Cillett Gmbh Cillett Holdings BV Cillett Iberia SA Cillett India Pvt...

  • Page 89
    ...MP MX China Czech Republic Denmark Finland France Germany Hong Kong Hungary India Ireland Israel Italy Jamaica Japan Korea Luxembourg Malaysia Mauritius Mexico NL NT NZ NO PL PO RS SC SN LO SF SP SC SZ TC TH TU UP UK US UY VE VM Netherlands Netherlands Antilles New Zealand Norway Poland Portugal...

  • Page 90
    ...22, 2002 Registration Statements on Form S-8 Name Registration Number Date Filed Retirement and Savings Plan; Savings Plan Retirement and Savings Plan; Savings Plan Amended and Restated Executive Deferred Incentive Program Non-Qualified Stock Option Agreement 1998 Stock Option Plan Non-Qualified...

  • Page 91
    ... or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 7, 2005 By: Name: /s/ H. Lawrence Culp, Jr. H. Lawrence Culp, Jr. President and Chief Executive Officer Title: Source: DANAHER CORP /DE/, 10-K, March 07, 2005 Powered by...

  • Page 92
    ... management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 7, 2005 By: Name: /s/ Patrick W. Allender Patrick W. Allender Executive Vice President - Chief Financial Officer and Secretary Title: Source: DANAHER CORP...

  • Page 93
    ...that information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of Danaher Corporation. Date: March 7, 2005 By: Name: /s/ H. Lawrence Culp, Jr. H. Lawrence Culp, Jr. President and Chief Executive Officer Title...

  • Page 94
    ... information contained in such Annual Report on Form 10-K fairly presents in all material respects the financial condition and results of operations of Danaher Corporation. Date: March 7, y005 By: Name: CsC Patrick W. Allender Patrick W. Allender Executive Vice President, Chief Financial Officer...