WASHINGTON -- Danaher Corp. has revealed that the name of the new diversified industrial growth company that it expects to launch in 2016 is Fortive Corp. It will consist 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.
Technology company Danaher announced in May 2015 its intention to separate into two independent, publicly traded companies, a "science and technology growth" entity and a "diversified industrial growth" entity.
"Fortive takes its name from the Latin root 'fort' meaning strong," James A. Lico, current Danaher executive vice president and future president and CEO of Fortive, said. "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."
He added, "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."
Fortive intends to apply to list its common stock on the New York Stock Exchange. The company now expects the spinoff transaction to be completed in third-quarter 2016.
Fortive will be based in Everett, Wash., and will employ more than 20,000 people worldwide. Fortive's revenues for the year ended Dec. 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. Its brands are leaders in industries, including health care, environmental and industrial. In 2014, Danaher generated $19.9 billion in revenue and its market capitalization exceeded $60 billion.
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