WASHINGTON, Dec. 3, 2015 /PRNewswire/ — Danaher Corporation (NYSE: DHR) (the “Company”) today revealed the name of the new diversified industrial growth company expected to launch in 2016 as Fortive Corporation. Fortive will be comprised of two segments, Professional Instrumentation and Industrial Technologies, and will include market leading brands such as Fluke, Qualitrol, Tektronix, Gilbarco Veeder-Root, Kollmorgen and Matco Tools.
James A. Lico, current Danaher Executive Vice President and future President and Chief Executive Officer of Fortive, stated, “Fortive takes its name from the Latin root ‘fort’ meaning strong. Combined with a mark symbolizing forward momentum, growth and progress, the Fortive brand reflects the strength of our company—a company built on a foundation of success, and geared for growth and outperformance. As a standalone company, we will pursue a strategy focused on creating value through organic growth, operating margin expansion, and mergers and acquisitions. Our approach to acquisitions will be strategic and financially-disciplined, with the goal of building even stronger businesses with competitive leadership positions.”
“The Fortive Business System will be the core of our operating model, the cornerstone of our culture and our competitive advantage. Our outstanding team has a strong Danaher legacy and will continue to operate with the rigor and agility necessary to make continuous improvement a part of everything we do,” said Lico. “We are committed to exceeding our customers’, shareholders’ and associates’ expectations.”
The Company will file a Form 10 Information Statement with the U.S. Securities and Exchange Commission later today. Once filed, a copy of the form will be made available on the Investors page of www.danaher.com.
Fortive intends to apply to list its common stock on the New York Stock Exchange. The Company now expects the spin-off transaction to be completed in the third quarter of 2016.
Fortive will be headquartered in Everett, Washington, and will employ more than 20,000 people worldwide. Fortive’s revenues for the year ended December 31, 2014 were $6.3 billion. Fortive will have market leading positions in such areas as professional instrumentation, automation, sensing and transportation technologies. The company’s website is www.fortive.com.
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands have unparalleled leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. The Company’s globally diverse team of 80,000 associates is united by a common culture and operating system, the Danaher Business System. In 2014, Danaher generated $19.9 billion in revenue and its market capitalization exceeded $60 billion. For more information please visit: www.danaher.com.