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PerkinElmer Stock Climbs 7.4 Percent on Divestiture Announcement

NEW YORK, Oct. 7 (GenomeWeb News) - Shares in PerkinElmer were up 7.37 percent, or $.1.52, at $22.15 in mid-afternoon trading after the company said yesterday it is selling its aerospace, semiconductor, and fluid-testing businesses.


As GenomeWeb News reported this morning, the company said the divestitures are part of its strategy to shift its focus on the health sciences and photonic markets.


PE will sell its aerospace business to Eaton for approximately $333 million, and is in discussions to sell its semiconductor and fluid testing businesses by the end of the year. The company said it expects to gain approximately $400 million from the sale of the Fluid Sciences business alone.


The proceeds from the sales "will help us build our growth platforms, with particular emphasis on genetic screening, medical imaging, molecular medicine, and service," PE chairman and CEO Gregory Summe said in a company statement.


Separately today, investment bank R.W. Baird upgraded PerkinElmer to "outperform" from "neutral."

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