Exhibit 99.2
Exhibit 99.1
Welcome to Danaher
Associate Introduction June 22, 2015
Purpose of Our Meeting
Danaher Corporation introduction
The merger between Danaher and Sutron
How will it impact you
What’s going to happen next
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Strategic Platforms
Test & Life Sciences Industrial Environmental Dental Measurement & Diagnostics Technologies
Water Quality Communications Dental Diagnostics Product ID
Gilbarco Veeder- Instruments Life Sciences Automation Root
Outstanding portfolio of market-leading brands 3
Danaher, post separation
Danaher
2014 Revenue: $16.5B*
Life Sciences Diagnostics Water Quality
$2.5B $4.8B $2.0B
Product ID Pall Dental
$1.6B $2.8B $2.9B
Founded in 1984
Headquartered in
Washington, DC
New York Stock Exchange
Ticker: DHR
Global team of ~57,400 associates (including Pall)
* Reflects aggregate revenues from constituent businesses (including with respect to “Future Danaher,” Pall) for the respective, most recently
completed fiscal year. Pall revenues are based on 2014 FYE ended July 31, 2014. Includes $0.7B of annual revenues for Nobel Biocare and $0.2B of
annual revenues for Devicor, each of which was acquired in December 2014.
You are joining other fantastic companies 4
Danaher Core Values
The Best Team Wins Customers Talk, We Listen Kaizen is Our Way of Life Innovation Defines our Future We Compete for Shareholders
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Danaher Business System
The best team wins
People plan process performance
Innovation defines our future
Customers customers talk, we listen
Quality delivery cost innovation
Danaher kaizen is our way of life
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DBS Toolkit Today
DBS FUNDAMENTALS
Voice of Value stream Transactional process Problem Visual and daily
Standard work Kaizen basics 5S
the customer mapping improvement solving process management
GROWTH LEAN LEADERSHIP
Leadership Associate
Dream Develop Deliver Reliability Transactional Operations Business process
development development
Transactional
Breakthrough ideation Speedy Reliability PD Executive champion
Inside sales lean conversion and Lean conversion Strategic Planning Introduction to DBS
open innovation Design Review (SDR) boot Camp orientation
Daily Mgmt.
Customer Accelerated Customer defect Production sales GM Leadership and Training and
Value selling Set-up reduction organization
segmentation product development tracking and resolution inventory Policy Deployment * facilitation
communications*
Demand Supplier quality Value analysis/ Production Acquisition Developing Crucial
Toll Gate #2 kaizen Sales force initiative
generation management value engineering preparation process Integration growth leaders * conversations
Pricing margin Just in time Total productive Financial
Lean software design Design for reliability Risk assessment *
management accounting manufacturing acumen
Danaher materials
Failure mode Accounts receivable Leveraging Recruiting and
Project management Price leakage kaizen process
effects analysis best practices your impact * selection
(Includes kanban)
Product life cycle Product life cycle Accounts payable ID, developing and DBS leader
Quality system basics Heijunka
management management best practices communications* boot camp
DBS compliance
Intellectual Customer service Energy conservation Advanced talent DBS leader
Strategic negotiations for medical device
property process and support kaizen assessment * continuing education
manufacturing
Sourcing workshop
Product planning Search engine Personal review Variation reduction Adjusting your Development for
and supply base
group optimization and team inspection kaizen leadership style * growth
management
User experience Commodity Measurement DBS tool
Pay per click kaizen Situational leadership
design management system analysis certification (MBB)
Supply chain and
On-Line Driving the
What’s unique about DBS tools logistics Change management
nurturing kaizen Danaher culture
-Integrated and improved over time best practices
-Smart usage pick for highest impact Lean supply chain
-Velocity of implementation Positioning and (Strategic supplier Leading Leadership
Messaging Kaizen multiple P&Ls essentials
-Commitment to use everybody’s job productivity)
-Shared across Danaher companies 7
-* = Class in DHR Leadership Program
Core Value Drivers
Customer Quality
On-Time Delivery
Associate Internal Fill Rate Turnover
Core Growth OMX
Shareholder Cash Flow / Working Capital Turnover Return on Invested Capital
How we measure our success 8
Water Quality Group Overview
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Water Quality Overview
2014 Financials
Revenue ~$2.0B
Revenue Breakdown
Geographic Mix
2% 27%
51% 45% 55% 20%
Market Details
Market Size ~$10B Growth Rate +LSD/MSD
Growth Drivers
Increasing environmental awareness
Process optimization
Adoption and enforcement of new and existing regulations
High growth markets
Customers
Municipal water facilities
Industrial process and utilities
Environmental and oceanographic institutions
Market leading positions capitalizing on attractive secular growth trends
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Water Quality Platform Overview
Source Municipal Industrial Agriculture Residential
End User
Government, Municipal W/WW Process industries Agribusiness, POU
Served research agencies facilities (Power, F&B, O&G, Farms
Customers etc.)
Water Quality Platform—Analytics
Water Quality Platform—Treatment
Strong brands, channels and technology across customer segments 11
Water Quality Impact
Every $1 spent on improving water access, quality and sanitation generates $4 in economic return
Although more than 70% of the earth’s surface is covered with water, less than 1% is available as safe drinking water 800 million people lack access to clean drinking water, with over 3 million people dying each year of water related diseases
Trojan UV systems treat over 7 billion gallons of drinking water More than 200 billion gallons of water is analyzed by Hach instrumentation OTT flood warning systems protect more than 60 million people via early detection alarms Sea-Bird provides oceanographic data to help explain ocean-climate dynamics and its implications (e.g., sea level rise in the next 100 years)
DHR water quality products impact the lives of over 3 billion people globally 12
Water Quality Acquisition Success
WATER QUALITY PLATFORM Water testing equipment Technology to test, analyze and for municipal and
+ = treat ultra-pure, waste, ground, industrial customers ocean and drinking water
1999 2014
25% 5%
Revenue: ~$125M 30% Revenue: HGMs Other
Other 70% Acquisitions
North ~$2.0B 50%
America 20% North
Europe America
Operating Margin: High teens Research & Operating Margin: ~25%
Development
Associates ~550 Associates ~6,800
Products Sales & Marketing Products
Geographic
Footprint
Growth investments made a good company even better…still improving! 13
Hach Environmental Overview
Hydromet Oceanography Elemental Analysis Pool and Spa Construction Material Testing
5 businesses focused on environmental measurement
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OTT Hydromet Served Applications
Coastal & E
Hydropower
Irrigation
Flood Warning Water Quality
Groundwater Water Treatment
Outstanding company in th 15
OTT Hydromet Solutions
Water level Precipitation Water Quality Data Acquisition Communication Service
Surface water All weather Surface water Station Manager Radio Repair Ground water precipitation Ground water—Multi-channel Phone Training gauge Satellite Installation Present
Discharge weather
Instruments for
Software Solutions portable Network Management measurement Data Management Instruments for continuous measurement
Full spectrum of analytical instrumentation, communication support, and service
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OTT Hydromet Strategic Vision
Designing answers that go beyond the expections of hydromet professionals to support them in caring for the world’s water
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Sutron Strategic Vision
Designing answers that go beyond the expections of hydromet professionals to support them in caring for the world’s water
It is our vision to become the world’s market leader in providing innovative, reliable, robust and quality Hydrologic, Meteorologic and Oceanic real-time data collection and control products, systems, software and services. We will achieve our vision by continually offering state-of-the art products and outstanding services that meet or exceed our customer’s needs and expectations
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Sutron—What We Like
Highly skilled, accomplished employees
A deep knowledge of hydrology, meteorology, and oceanic customers and their applications
Leading technology and product development capability
Market leadership and a leading brand name
OTT and Sutron offer highly complementary products, and the ability to better serve the end-to-end needs of our customers
Complementary geographical sales and service coverage
Outstanding company in attractive position to sustain continued growth 19
We Know There Is a Lot on Your Mind…
What happens to me? Do we change our letterhead and Will I still have a job? business cards?
What will it be? What happens to my cell phone? Where will it be? What do we tell our customers and Will my boss change? suppliers?
What about my benefits? How should we answer the phone? What about my pay?
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Here are Some Answers!
Sutron and Danaher remain independent companies until closing—business
as usual
For now:
Same job, same manager, stay focused on the customer!
Keep your job title and grade
Keep your job location
Keep your business card, email address, phone etc.
Keep the Sutron brand name
Keep your health and retirement plans
Keep your enthusiasm and focus on the customer 21
Danaher—Benefits
Danaher provides associates a competitive benefits offering*:
Medical insurance
Dental insurance
Health Savings Plan
401k / retirement savings
Vision plan
Short-term and long-term disability
Others: Accidental death and dismemberment, home insurance,
employee assistance, auto, home, pet insurance
Benefits will not change until after close of the merger
We will provide more information before benefits change
* Employer paid, employee co-pay, or employee paid, depending on the plan
No changes today – more to come 22
What You Can Expect –
In the Next Few Days
Letters/phone calls to customers, strategic partners, key suppliers Plan joint customer visits, as needed Plan on-site visits to Colorado, Texas and India offices Start setting integration planning meeting dates
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What You Can Expect –
In the Coming Months
Ongoing interaction, communication and engagement from Danaher
and Sutron leaders
Until close of the merger:
Danaher and Sutron will continue to operate separately
Danaher will not be involved in Sutron’s day-to-day business activities
Danaher and Sutron’s senior leadership will start transition planning:
Ashish Raval and Anton Felder (MD – Ott) will lead the commercial
integration planning team
Glen Goold will lead the “Operational” transitional planning with
counterparts from Hach and Ott
Operations: Stefan Gramlich (Ott Dir Ops)
Finance: Joerg Mayer (Ott CFO)
HR and Benefits: Terry Samona (Hach Env. HR Dir)
Legal: Jeff Klembczyk (Hach Env. Counsel)
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What You Can Expect—
On and After Close
Upon close of the merger:
From a publicly traded company to a wholly -owned subsidiary
Will run as a stand-alone operating company
Changes in financial reporting
First 100 days post-close of the merger
Sutron leadership introduction to DBS and Strategic Planning Process
Sutron and OTT leadership develops a Strategic Plan
3 to 5 year planning horizon
Focused on growing the business and better serving customers
Some benefits may change to Danaher
Change is jointly led by the Sutron and OTT leadership teams
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Communication Lines are Open
It’s normal to feel apprehension, uncertainty and mistrust
Danaher has done this before, but each situation is unique
We don’t have it all figured out yet
For now, there are more questions than answers, but we will keep lines of communication open
Communication is a two-way street and we welcome your questions and feedback
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Notice to Investors
This presentation is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer for the outstanding
shares of Sutron Corporation’s (“Sutron”) common stock described in this filing has not commenced. At the time the offer is
commenced, Danaher Corporation (“Danaher”) will file a tender offer statement on Schedule TO with the Securities and Exchange
Commission (“SEC”), and Sutron will file a solicitation/recommendation statement on Schedule 14D-9, with respect to the offer. The
tender offer statement (including an offer to purchase, a related letter of transmittal and other offer documents) and the
solicitation/recommendation statement will contain important information that should be read carefully before any decision is made
with respect to the tender offer. Those materials will be made available to Sutron’s shareholders at no expense to them. In addition,
all of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC’s
website: www.sec.gov.
Cautionary Statements Regarding Forward Looking Statements
Statements in these materials that are not strictly historical, including statements regarding the proposed acquisition of Sutron, the
expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the transaction,
future opportunities for the combined businesses, and any other statements regarding events or developments that either party
believes or anticipates will or may occur in the future, are “forward-looking” statements within the meaning of the federal securities
laws. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions
to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on
any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic
conditions and conditions affecting the industries in which Danaher and Sutron operate; the uncertainty of regulatory approvals; the
parties’ ability to satisfy the tender offer and merger agreement conditions and consummate the transaction; Danaher’s ability to
successfully integrate Sutron’s operations and employees with Danaher’s existing business; the ability to realize anticipated growth,
synergies and cost savings; and Sutron’s performance and maintenance of important business relationships. Additional information
regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Danaher’s
SEC filings, including Danaher’s Annual Report on Form 10-K for the year ended December 31, 2014 and Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2015 as well as Sutron’s SEC filings, including Sutron’s Annual Report on Form 10-K
for the year ended December 31, 2014 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015. These
forward-looking statements speak only as of the date of this presentation and neither party assumes any obligation to update or revise
any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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Danaher