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NEW YORK - Life sciences equipment maker Invitrogen Inc. said Friday its head of global operations, Mark Smedley, will lead an integration team through the $6.4 billion buyout of Applied Biosystems Group.
On June 12, Carlsbad, Calif.-based Invitrogen said it would buy Foster City, Calif.-based Applied Biosystems in a move to combine the companies' variety of medical research tools.
"Mark has assembled a core leadership team of over 30 highly talented, dedicated and hand-picked 'change agents' from both organizations who will take the best parts of their own organizations to plan for a stronger, better combination," said Invitrogen Chief Executive Gregory T. Lucier, in a statement.
The integration team is expected to drive the company's plan for $175 million in cost savings by 2011.
The buyout is expected to close this fall.
Shares of Invitrogen rose 23 cents to $38.85 and shares of Applied Biosystems rose 10 cents to $33.94 in afternoon trading, on an otherwise down day for the broader markets.
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