EVERETT — The acquisition of a longtime Northwest high-tech company by Fluke’s parent company should have minimal effects on the Everett-based maker of electronic test equipment.
That’s the message so far from Danaher Corp., the Washington, D.C., conglomerate that bought Fluke in 1998. On Monday, Danaher announced it is buying Oregon’s Tektronix for $2.8 billion.
Fluke representatives referred questions about whether the new acquisition means any changes locally to Danaher. A spokesman for Danaher said the company wouldn’t comment further right now beyond comments made to investors on Monday.
In that conference call, Danaher’s president and chief executive officer mentioned repeatedly that he viewed Fluke and Tektronix as similar in several ways.
“Tektronix is organized into two platforms, their instruments business and their communications business, not unlike our electronics test business with Fluke and Fluke Networks,” said Chief Executive Larry Culp.
He said Fluke and Tektronix could work together now that they’re both under Danaher’s corporate umbrella.
Calling Fluke “as good a business as we own today,” Culp said “the opportunity for Fluke and Tektronix to collaborate on marketing and new product development” is promising to him.
“We believe the combination of Tektronix and Fluke strengthens our leading global position in electronic test (equipment) and joins two of the industry’s oldest and most respected brands,” he added. It’s “just a great fit.”
Tektronix will join Danaher’s Electronic Test division, joining Fluke and Fluke Networks. It is expected to nearly double the incoming revenue for that division.
While Fluke and Tektronix overlap with some of their products, Tektronix typically has focused on selling higher-end electronic test equipment, while Fluke sells more handheld and portable instruments.
Analyst Sid Parakh of Seattle’s McAdams Wright Ragen, who has followed Techtronix, said he thinks there will be ways to marry some efforts between Fluke and Tektronix. But the two will stay separate under Danaher’s ownership.
“It’s not like they’re going to replace Fluke’s product line or anything,” he said.
Culp underscored that point to investors, saying he didn’t intend to “mash these businesses together.”
“We think that wouldn’t serve either brand, either company well going forward,” he said.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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