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Pall Corporation Message Board

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  • DowDanny DowDanny Mar 10, 1998 7:16 PM Flag

    Who Else to Choose

    >> Your knowledge of Pall Corporation seems to run deep <<

    I have a long memory, but no 'inside' knowledge, at least not for at least the last decade. Of course, that means I lived through the "good ole days" which strongly colors my perception of the past few laggard years.

    >> This past Friday, Pall Corp. purged the top management of Biomedical..Is this the fat others have refered to or is it the first volley in a major shake up to turn this company around ? <<

    Interesting. My personal perception is that the problems lie highter, not lower... meaning at the corporate level or so. Don't know what's up with BioMed in particular, but a shakeup anywhere in the line could be good IF done for the right reasons and with the RIGHT objectives.

    PS: in msg 44 j_jogg says:

    >> It seems the blood filter business should belong to a medical device company and Pall should get back to their industrial filter business. <<

    to which I say "Exactly the wrong business model for Pall, and symptomatic of their current problems. in the good ole days, PLL kept very high margins and very high earnings growth rate (always double digit) by being a successful "high-tech" niche player.

    They created their markets by inventing new processes that could benefit from filtration. But looking at some of their big
    sales leaders were things like aviation and military which were both extremenly cyclical and prone to "commoditization".
    Industrial fluid (pneumatics and such) were profitable but can have similiar challenges. Long time ago PLL already thought about
    entering things like "water treatment" but instead of battline for gov't contracts in a high-volume, low-margin biz they moved
    instead into the then non-existant field of patient protection filters. Look back to the 'glory days' (say mid-late 80's) and you'll
    see less than 25% of sales, but more than 35% of profits were from biomed. This is not a loser business, or at least it didn't
    use to be.

    Finally, I don't think EK (ceo) ever ran biomed, or ever even worked within that division... there are few years during the M. Hardy period I have no memory of, but AFAIK EK was in human resources or corporate positions entire career and never was directly in charge of any division. Could be wrong, but doubt it.

    Give me the years, if I'm wrong.