Earlier in 2002, we acquired Retsch and Emergo, a Netherlands-based distributor of instruments, equipment and supplies to the scientific-research and industrial markets. The acquisition strengthened our position in northern Europe. We continue to look for attractive acquisition opportunities to expand into related markets and strengthen our product portfolio, particularly in the life-science and pharmaceutical-services areas. Growth Opportunities Two major trends are heavily influencing our principal businesses. First, the pharmaceutical industry faces growing pressure to reduce the cost of developing new medicines, which accelerates the outsourcing of services such as those we provide. Our services include robust inventory-management and logistics systems as well as proprietary software that tracks clinical trials of new prescription drugs. Fisher’s expanded service offering adds value by helping our customers to achieve greater efficiency in drug development. The second trend is the aging of the population. People over 65 utilize five times more diagnostic tests than younger people. As the demand for testing increases, scientists are developing more specialized diagnostics. We benefit because we serve the research scientists who develop the new tests as well as the clinical labs where the testing occurs.

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