Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

KKR hires ex-Danaher executive for industrial deals

07/06/2020 | 02:33pm EDT
Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

By Chibuike Oguh

Private equity firm KKR & Co Inc said on Monday it had hired former Danaher Corp executive Dan Daniel to bolster its team that focuses on acquiring and operating industrial businesses in the United States.

Daniel, who served as executive vice president at Danaher from 2008 till March this year, is expected to become chief executive of an industrial company that KKR will acquire, and help improve its performance, KKR's co-head of Americas private equity Pete Stavros said in an interview.

He added that the coronavirus-induced economic slowdown presents opportunities for KKR to acquire companies.

"With demand being down in the industrial sector, it makes for an attractive buying environment," Stavros said.

Daniel managed Danaher's industrial technologies and life sciences portfolios until 2017, and subsequently ran the company's diagnostics and dental divisions.

He is the second Danaher executive KKR has recruited. In 2017, KKR hired Ronald Voigt, who previously ran X-Rite Pantone, a Danaher subsidiary. Voight was eventually named CEO of Hyperion Materials & Technologies after KKR acquired the Worthington, Ohio-based industrial tools maker in 2018 from Sandvik AB for 4 billion Swedish knona ($432 million).

KKR said its upcoming industrial acquisition will be made through its flagship $13.9 billion Americas Fund XII.

All KKR industrial portfolio companies have an employee stock ownership program as an incentive to drive growth, the buyout firm said.

In March, KKR merged Gardner Denver Holdings Inc, a pumps and compressors producer it acquired for $3.9 billion in 2013, with the industrial division of Ingersoll-Rand Plc, creating a new company, Ingersoll Rand Inc, which has a $12 billion market capitalization. KKR has kept a 17% stake in the new company.

(Reporting by Chibuike Oguh in New York; Editing by Tom Brown)

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DANAHER CORPORATION -0.18% 289.56 Delayed Quote.30.63%
INGERSOLL RAND INC. -0.94% 48.4 Delayed Quote.9.29%
KKR & CO. INC. -0.02% 61.85 Delayed Quote.52.70%
SANDVIK AB -0.66% 225.3 Delayed Quote.12.67%
Latest news "Economy & Forex"
02:01pRio Tinto faces FCA probe into $6.75 billion Mongolian mine - FT
02:00pDistributors 'saw everything' as opioid crisis raged, W. Va. county tells court
01:57pProsus faces investor criticism over $144 million fee for Naspers share swap
01:53pAnt-backed Hello Inc says goodbye to U.S. IPO plans
01:52pKering rides luxury rebound as Gucci steams ahead
01:52pKering rides luxury rebound as Gucci steams ahead
01:52pBlast in German industrial park kills two, several missing
01:44pDeutsche Boerse Q2 net profit boosted by M&A growth
01:44pChallenges still ahead, Johnson says after IMF lifts UK growth forecast
01:42pOil prices ease as virus spread counters tight supplies
Latest news "Economy & Forex"