Danaher 01/26
Total Page:16
File Type:pdf, Size:1020Kb
DANAHER Danaher, a diversified technology leader, designs, manufactures, and markets innovative products and services with strong brand names and significant market positions. Driven by strong core values and a foundation provided by the Danaher Business System, Danaher’s associates are pursuing a focused strategy aimed at creating a Premier Global Enterprise. ENERGIZED BY THE DANAHER BUSINESS SYSTEM In the mid-1980s, a Danaher division faced with intensifying competition launched an improvement effort THE CHALLENGE based on the then-new principles of lean manufacturing. The initiative succeeded beyond expectations – reinforcing the division's industry leadership as well as spawning the Danaher Business System (DBS). Since this modest beginning, DBS has evolved from a collection of manufacturing improvement tools into a philosophy, set of values, and series of management processes that collectively define who we are 2003 ANNUAL REPORT and how we do what we do. Fueled by Danaher's core values, the DBS engine drives the company through a never-ending cycle of 2099 Pennsylvania Avenue NW, 12th Floor 2003 ANNUAL REPORT change and improvement: exceptional people develop outstanding plans and execute them using world- Washington, DC 20006 class tools to construct sustainable processes, resulting in superior performance. Superior performance and high expectations attract additional exceptional people, who continue the cycle. Guiding all efforts 202.828.0850 is a simple approach rooted in four customer-facing priorities: Quality, Delivery, Cost, and Innovation. www.danaher.com CONTENTS Danaher’s Business Portfolio fold-out Financial Operating Highlights 2 Letter to Shareholders 3 The Challenge: See the Invisible 6 The Challenge: Accelerate Global Growth 8 The Challenge: Acquire, Integrate, and Grow 10 Board and Management Listing 12 Form 10-K 13 SHAREHOLDER INFORMATION www.danaher.com Account Questions: Annual Meeting: Our transfer agent can help you with a variety of shareholder Danaher’s annual shareholder meeting will be held on May 4, 2004 in DANAHER AT-A-GLANCE related services including: Washington, D.C. Shareholders who would like to attend the meet- Change of Address ing should register with Investor Relations by calling 202-828-0850 Lost stock certificates or via e-mail at [email protected]. KEY BRANDS KEY CUSTOMERS/VERTICAL MARKETS Transfer of stock to another person Fluke Corporation is a world leader in the manufacture, distribution Fluke, Raytek, Meterman, Technicians, Engineers, Metrologists, Commercial Additional administrative services Auditors and service of electronic test tools and software. From industrial Fluke Biomedical, and Residential Electricians Ernst & Young LLP electronic installation, maintenance, and service, to precision meas- Hart Scientific, Beha Baltimore, Maryland urement and quality control, Fluke tools help keep business and Contacting our Transfer Agent: industry around the globe up and running. ELECTRONIC TEST SunTrust Bank Stock Transfer Department Stock Listing Fluke Networks is a leading provider of innovative solutions for Fluke Networks, OptiView, Network Engineers and Technicians, Network Mail Code 258 Symbol: DHR ensuring data communications and Internet uptime. Fluke Networks MicroTools, OmniScanner, Installation and Maintenance Professionals, New York and Pacific Stock Exchanges products combine speed, accuracy, and ease of use for maximizing DSP, Loop Expert Telecommunication Technicians P.O. Box 4625 network performance. Atlanta, Georgia 30302 Toll Free: 1-800-568-3476 Hach/Lange is a worldwide market leader in analytical instrumentation Hach, Lange, Orbisphere, Drinking Water Facilities, Waste Water Plants, for water quality and applications. Hach/Lange provides advanced Hach Ultra Analytics, OTT, Pharmaceuticals, Environmental Monitoring APPROXIMATELY 80% OF EXPECTED 2004 Outside of the U.S.: 404-588-7815 analytical systems and technical support for water quality testing, McCrometer, Pacific Scientific Agencies REVENUES FROM SIX STRATEGIC PLATFORMS Fax: 404-332-3875 with solutions for the lab, plant, and field. ENVIRONMENTAL Investor Relations Gilbarco Veeder-Root enjoys a leading position providing solutions and Gilbarco, Veeder-Root, Major Oil Companies, Convenience Stores, Retail Medical Motion technologies that provide convenience, control, and environmental Red Jacket, Gasboy Fueling Franchises, Commercial Fueling Operators Technology This annual report along with a variety of other financial Electronic Test integrity for retail fueling and adjacent markets. materials can be viewed at www.danaher.com. Environmental Product Identification 17% compounded annual Danaher Motion is changing the way things move, by providing innova- Kollmorgen, Pacific Scientific, Factory Automation, Medical, Health & Fitness, Additional inquiries may be directed to Danaher Investor Relations at: growth rate MOTION tive solutions offering flexibility, precision, efficiency, and reliability for Thomson, Superior Electric, Factory and Personal Mobility, Aerospace and applications as diverse as robotics, wheelchairs, lift trucks, electric Portescap Defense Mechanics Focused Niche Danaher Corporation vehicles, and packaging machines. Hand Tools Businesses PROCESS/ 2099 Pennsylvania Avenue NW, 12th Floor ENVIRONMENTAL Washington, DC 20006 TOOLS AND Danaher’s printing and marking technology applies codes to more than Videojet, Willett, Accu-Sort Food and Beverage, Pharmaceutical, Print & Mail, CONTROLS COMPONENTS Phone: 1-202-828-0850 one trillion products each year worldwide. The output of our product Retail Distribution, Mail and Parcel Services PROCESS/ENVIRONMENTAL PRODUCT identification technology can be seen every day, from the lot code on TOOLS AND CONTROLS Fax: 1-202-828-0860 IDENTIFICATION COMPONENTS a pill bottle to the expiration date on a beverage can. Danaher’s scan- E-mail: [email protected] ning and tracking products currently sort a majority of the packages shipped in the U.S. Danaher Tool Group and Matco enjoy a leading share position in the Sears Craftsman®, Armstrong, Sears Roebuck & Co., Professional Automotive MECHANICS U.S. mechanics hand tool market. Danaher is committed to delivering Matco, AllenTM, KD-Tools, Mechanics, NAPA, Industrial Manufacturing, t.com HAND TOOLS customer-driven innovation with new products that improve safety, Holo-Krome, NAPA®, SATA Consumer Retail epor strength, speed, and access. .corporater Radiometer is a leading in-vitro diagnostic company focused on critical Radiometer Physicians, Hospitals, Point-of-Care Centers care applications for the measurement of blood gases in both a hospi- tal’s central lab as well as point-of-care locations. MEDICAL TECHNOLOGY ts Inc./Atlanta www Gendex is a leading manufacturer of digital imaging dental products Gendex Dental Professionals including intra-oral and panoramic X-ray machines, digital radiography systems, intra-oral cameras, and film processors. 17% compounded annual FOCUSED NICHE BUSINESSES Aerospace and Defense Hennessy Industries growth rate Industrial Controls Jacobs Chuck Manufacturing Company *Before effect of accounting oduced by Corporate Repor change and reduction of Power Quality Jacobs Vehicle Systems income tax reserves related Delta Consolidated Industries Joslyn Manufacturing Company to previously discontinued operations. Designed and pr SHAREHOLDER INFORMATION www.danaher.com Account Questions: Annual Meeting: Our transfer agent can help you with a variety of shareholder Danaher’s annual shareholder meeting will be held on May 4, 2004 in DANAHER AT-A-GLANCE related services including: Washington, D.C. Shareholders who would like to attend the meet- Change of Address ing should register with Investor Relations by calling 202-828-0850 Lost stock certificates or via e-mail at [email protected]. KEY BRANDS KEY CUSTOMERS/VERTICAL MARKETS Transfer of stock to another person Fluke Corporation is a world leader in the manufacture, distribution Fluke, Raytek, Meterman, Technicians, Engineers, Metrologists, Commercial Additional administrative services Auditors and service of electronic test tools and software. From industrial Fluke Biomedical, and Residential Electricians Ernst & Young LLP electronic installation, maintenance, and service, to precision meas- Hart Scientific, Beha Baltimore, Maryland urement and quality control, Fluke tools help keep business and Contacting our Transfer Agent: industry around the globe up and running. ELECTRONIC TEST SunTrust Bank Stock Transfer Department Stock Listing Fluke Networks is a leading provider of innovative solutions for Fluke Networks, OptiView, Network Engineers and Technicians, Network Mail Code 258 Symbol: DHR ensuring data communications and Internet uptime. Fluke Networks MicroTools, OmniScanner, Installation and Maintenance Professionals, New York and Pacific Stock Exchanges products combine speed, accuracy, and ease of use for maximizing DSP, Loop Expert Telecommunication Technicians P.O. Box 4625 network performance. Atlanta, Georgia 30302 Toll Free: 1-800-568-3476 Hach/Lange is a worldwide market leader in analytical instrumentation Hach, Lange, Orbisphere, Drinking Water Facilities, Waste Water Plants, for water quality and applications. Hach/Lange provides advanced Hach Ultra Analytics, OTT, Pharmaceuticals, Environmental Monitoring APPROXIMATELY 80% OF EXPECTED 2004 Outside of the U.S.: 404-588-7815 analytical systems and technical support for water quality testing, McCrometer, Pacific Scientific Agencies REVENUES FROM SIX STRATEGIC PLATFORMS Fax: