What's Fueling Growth at Thermo Fisher Scientific?

In his 1995 letter to shareholders, Warren Buffett suggested investors "keep in mind the story of the man with an ailing horse. Visiting the vet, he said: 'Can you help me? Sometimes my horse walks just fine and sometimes he limps.' The vet's reply was pointed: 'No problem -- when he's walking fine, sell him.' In the world of mergers and acquisitions, that horse would be peddled as Secretariat."

Perhaps such misleading labeling is why, according to the Harvard Business Review, between 70% and 90% of mergers fail.

Thermo Fisher Scientific (NYSE: TMO) was itself formed by a merger in 2006 between a company focused on lab equipment and one focused on scientific instruments. Over the following 14 years, the combined entity has made almost 40 acquisitions of its own -- and it shows no signs of slowing down.

Source Fool.com