Private equity firm GTCR is buying Cole-Parmer Instrument Co. from Thermo Fisher Scientific Inc. (NYSE: TMO) for $480 million.

Cole-Parmer, headquartered in Vernon Hills, Illinois, manufactures and distributes laboratory equipment and instruments to customers in the pharmaceutical, biotechnology, health care, chemical and food industries. The company makes branded products, including Masterflex pump tubing, Oakton water quality and temperature instruments  and Digi-Sense precision measurement tools, as well as private-label products.

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