July 19, 2018 / 10:39 AM / a year ago

UPDATE 1-Danaher to spin off dental unit; to complete in 2019

(Adds details on unit, earnings)

July 19 (Reuters) - Medical equipment maker Danaher Corp said on Thursday that it plans to spin off its dental business, which had annual sales of nearly $3 billion in 2017, into a publicly traded company.

The transaction will be tax-free to Danaher shareholders and is expected to be completed in the second half of 2019.

Amir Aghdaei, who is currently responsible for the dental business, will become the CEO of the new company, Danaher said.

The unit provides dental tools such as prosthetics, infection prevention products and implants and competes with Dentsply Sirona and 3M Co.

The company on Thursday also reported a 20.9 percent rise in second-quarter earnings to $673.8 million, or 95 cents per share.

Danaher reported annual sales of $18.33 billion for 2017. (Reporting by Manas Mishra in Bengaluru; Editing by Bernard Orr and Sriraj Kalluvila)

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