Thermo Fisher Scientific (TMO) to Sell Lab Workstations Business; Sees Post-Tax Charge
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Price: $86.78 +0.59%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 0.8%
Revenue Growth %: +2.9%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 0.8%
Revenue Growth %: +2.9%
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On June 22, 2012, in an effort to exit a non-core business, Thermo Fisher Scientific Inc.’s (NYSE: TMO) senior management made a decision to pursue a sale of its laboratory workstations business, part of its Laboratory Products and Services Segment. The Company expects to complete such a transaction within 12 months. The Company will report the financial results of its laboratory workstations business as a discontinued operation beginning in the second quarter of 2012.
For 2011, the laboratory workstations business had revenues of approximately $180 million, and an operating loss of approximately $6 million, which is net of restructuring costs of $4 million. In the second quarter of 2012, the Company expects to record an after-tax charge of approximately $50 million as the estimated loss on the planned divestiture. Future revisions to the estimated loss on sale may be required depending on the actual or expected proceeds from a sale transaction.
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For 2011, the laboratory workstations business had revenues of approximately $180 million, and an operating loss of approximately $6 million, which is net of restructuring costs of $4 million. In the second quarter of 2012, the Company expects to record an after-tax charge of approximately $50 million as the estimated loss on the planned divestiture. Future revisions to the estimated loss on sale may be required depending on the actual or expected proceeds from a sale transaction.
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