Fortive buys Landauer for medical radiation tools

Fortive Corp. (NYSE: FTV) has agreed to acquire Landauer Inc. (NYSE: LDR), a manufacturer of environmental radiation measurement tools, for approximately $770 million. Landauer will join the buyer’s professional instrumentation division as part of the deal. Founded in 1954, Landauer provides a full range of radiation dosimetry services to hospitals, medical and dental offices, universities, national laboratories, nuclear facilities and other industries where radiation poses a potential threat to patients and employees. The Glenwood, Illinois-based target distributes a variety of radiation detection monitors, analyzes reports of exposure findings, and also provides clinical support with therapeutic and imaging physics services. Headquartered in Everett, Washington, Fortive develops and manufactures a variety of products in filed instrumentation, transportation, sensing, product realization, automation and franchise distribution. The buyer, which separated from Danaher Corp. (NYSE: DHR) in July 2016, recently completed the acquisition of gas detection equipment provider Industrial Scientific in August. The Landauer transaction is expected to close by year end 2017. Constant changes in healthcare technology and government regulations have kept medical device manufacturers busy. Recent deals include: A&E Medical Corp.’s purchase of RTI Surgical Inc.; Arlington Capital-backed Avalign Technologies’ acquisition of medical device distributors Thortex and Millennium Surgical; Boston Scientific’s (NYSE: BSX) deal to buy heart valve replacement maker Symetis; and Teleflex Inc.’s purchase of Vascular Solutions for $1 billion. Lazard is serving as financial adviser to Landauer, while Sidley Austin LLP acting as legal counsel.