PerkinElmer (NYSE:PKI) announced today that it completed a divestiture of its applied, food and enterprise service businesses.
Waltham, Massachusetts-based PerkinElmer divested these businesses to investment firm New Mountain Capital. This results in a new, high-growth life sciences and diagnostics business at PerkinElmer.
According to a news release, the businesses focuses on developing and delivering novel scientific breakthroughs. These developments aim to profoundly impact improving global health, the company said. This new business will share the PerkinElmer name with the divested businesses until at least next quarter.
PerkinElmer expects to unveil a new name, brand and ticker symbol in the second quarter of 2023, subject to shareholder approval.
“Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one,” said Prahlad Singh, president and CEO of the PerkinElmer life sciences and diagnostics company. “As we look ahead, our new Life Sciences and Diagnostics organization has an immense opportunity to continue to lead with science to redefine human health. I’m looking forward to sharing our new name and brand in the near future.”
More about the new PerkinElmer business
PerkinElmer said its life sciences and diagnostic businesses can “help drive scientific innovation” from a unique position. The company’s life sciences arm focuses on pharmaceutical and academic scientific advancement. Its diagnostics unit develops new assays, systems and complete workflows.
The business provides end-to-end solutions for scientists, researchers and clinicians. It features a team of 11,000 that collaborates closely with commercial, government, academic and healthcare customers. The team delivers reagents, assays, instruments, automation, informatics and strategic services. These all accelerate workflows, deliver actionable insights and support improved decision-making, the company said.