PerkinElmer Sells IDS Unit for $500M

Xconomy Boston — 

PerkinElmer (NYSE:PKI), a Waltham, MA-based global provider of products for improving the health and safety of people and the environment, said today it plans to sell its illumination and detection solutions (IDS) business to the New York-based private equity firm Veritas Capital for about $500 million in cash. The IDS business, which has 3,000 employees and 14 plants worldwide, provides specialty lighting and sensor components for makers of products in the health, environmental, and security markets. Robert Friel, PerkinElmer’s chairman and CEO, said in a statement that selling the IDS unit will give his company additional capital to invest in its main human and environmental health businesses.