Danaher Corporation (NYSE: DHR) announced today that it has completed the separation of its Test & Measurement segment, Industrial Technologies segment (other than its Product Identification platform) and Retail/Commercial Petroleum platform through the spin-off of Fortive Corporation. Fortive will begin "regular way" trading on the New York Stock Exchange on July 5, 2016, under the symbol "FTV."
"This is an exciting day for Danaher. The successful spin-off of Fortive is an exceptional opportunity for both Danaher and Fortive to independently build greater shareholder value, to serve customers and to deliver on strategic priorities by investing in high impact organic and inorganic growth opportunities," said Danaher President and Chief Executive Officer Thomas P. Joyce, Jr.
In connection with the separation, Danaher stockholders today received one share of common stock of Fortive for every two shares of Danaher common stock held at the close of business on June 15, 2016 (other than fractional shares, which will be aggregated and sold into the public market and the proceeds distributed to Danaher stockholders that otherwise would have received such fractional shares). Because the separation was completed on a Saturday and not a business day, the shares are expected to be credited to "street name" stockholders through the Depository Trust Corporation on July 5, 2016. Approximately 345 million shares of Fortive common stock were distributed in the separation.
ABOUT DANAHER
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 leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher's globally diverse team of 59,000 associates is united by a common culture and operating system, the Danaher Business System. For more information please visit www.danaher.com.
