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PerkinElmer s Acquisition of Packard BioScience Set to Close in November

NEW YORK, Oct. 9 – PerkinElmer CEO Gregory L. Summe said on Tuesday that his company is on track to close its proposed acquisition of Packard BioScience in November.

Speaking at the UBS Warburg Global Life Sciences Conference, which runs here through the end of the week, Summe, who is also PerkinElmer’s chairman, said all that remains is a final formal approval by the Securities and Exchange Commission.

Summe also said that the company intends to expand its genetic screening business into developing markets, including China, India, and Mexico. He did not specify when, but industry sources say this expansion should be in full swing before 2003.

The acquisition of Meriden, Conn.-based Packard BioScience should help PerkinElmer increase to $2.5 billion its total revenues in 2004, and push its earnings-per-share rate to roughly 19 percent in the same year, the CEO said. 

Total revenues for the company in 2001 are expected to be $1.5 billion, and the company’s EPS for the fiscal year, which ends on Dec. 31, is anticipated to have grown by 15 percent.

Boston-based PerkinElmer, currently the third-largest life sciences company in the US, plans to report its third-quarter financial results on Oct. 17. 

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