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Research Outline

Prepared for Mark R. | Delivered August 2, 2020

Pall Corporation

Goals

To provide an overview of Pall Corporation, covering its background, markets it participated in, M&A, main product segments, revenues by segment, competitors by market, as well as potential segments to enter and operate.

Early Findings

  • Pall Corporation is a global leader in high-tech filtration and separation. The firm was acquired by Danaher Corporation in 2015.
  • Prior to its acquisition by Danaher Corporation, Pall was a public company and was listed on the New York Stock Exchange. Danaher acquired Pall at $127.20 per share or $13.8 billion. The transaction represents a 28 percent premium for Pall's shareholders.
  • Although Pall Corporation was fully absorbed in the transaction, it currently acts as an indirect wholly-owned subsidiary of Danaher and maintains its identity. The company consists of two major divisions: The Paul Life Science division, which is focused on filtration, vaccine development, and advanced medical technologies, and the Paul Industrial division, which focuses more on semiconductors, aerospace vehicles, and energy solutions.
  • Prior to the acquisition, Pall Corporation generated the majority of its revenue from its Life Science division. According to its last 10K filing, the Life Science division represented 52 percent of its total sales, while the Industrial division accounted for the rest 48 percent. Its last reported annual revenue (for FY 2014) was $2.8 billion.
  • Danaher Corporation does not highlight the performance of Pall's operations in its annual report. Rather, the firm only reports its sales by segment and not by subsidiaries. According to Danaher's last annual report, its Life Science division generated a total of $6.9 billion, and the company generated a total of $17.9 billion in 2019.