Danaher to spin off dental business into publicly traded company
Danaher announced its intention to spin off its Dental segment into an independent, publicly-traded company. The transaction is intended to be tax-free to Danaher shareholders and expected to be completed in the second half of 2019. Amir Aghdaei will become president and CEO of DentalCo upon completion of the transaction, and will join DentalCo's board. Aghdaei joined Danaher in 2008 and currently serves as Group Executive with responsibility for the Dental segment. Two other Danaher leaders will join Aghdaei on DentalCo's board while retaining their roles at Danaher: Dan Daniel, Executive Vice President, and Daniel Raskas, Senior Vice President, Corporate Development. In addition, Dan Comas, Danaher's Executive Vice President and CFO, will serve as a special advisor to DentalCo post-spin. 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 be comprised of Danaher's current Dental segment operating companies: Nobel Biocare, Ormco, and KaVo Kerr. The segment generated revenue of nearly $3B in 2017, and is expected to have an investment-grade credit rating and a global team of approximately 12,000 associates. Danaher is targeting to complete the spin-off in the second half of 2019, subject to the satisfaction of closing conditions, including obtaining final approval from the Danaher board, satisfactory completion of financing, receipt of tax opinions, receipt of favorable rulings from the Internal Revenue Service and receipt of other regulatory approvals.