Today, Danaher Corporation (NYSE: DHR) ("Danaher") announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 of Fortive Corporation ("Fortive"). The Registration Statement on Form 10 includes information regarding Fortive's business and the spin-off of Fortive from Danaher, which is expected to be completed on July 2, 2016. In addition, on May 12, 2016, the New York Stock Exchange authorized Fortive for listing on the exchange with the ticker symbol "FTV."
As previously announced, it is expected that upon completion of the spin-off, Danaher common stockholders will receive a stock dividend of one share of Fortive common stock for every two shares of Danaher common stock they hold as of the spin-off record date, which is expected to be June 15, 2016. Prior to consummation of the spin-off, Danaher will mail to Danaher common stockholders as of the record date an Information Statement containing information about Fortive and the spin-off.
The completion of the spin-off remains subject to final approval by Danaher's Board of Directors and other customary conditions. Fortive's Registration Statement on Form 10, including amendments thereto, can be found at www.sec.gov and on the "Investors" section of 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 81,000 associates is united by a common culture and operating system, the Danaher Business System. In 2015, Danaher generated $20.6 billion in revenue and its market capitalization exceeded $60 billion. For more information please visit www.danaher.com.
Fortive will be a diversified industrial growth company comprised of global businesses that are recognized leaders in attractive markets. With 2015 revenues of $6.2 billion, Fortive's well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive will be headquartered in Everett, Washington and employ a team of more than 22,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 40 countries around the world. With a culture rooted in continuous improvement, the core of our company's operating model will be the Fortive Business System. For more information please visit: www.fortive.com.
Statements in this release that are not strictly historical, including the statements regarding Danaher's anticipated spin-off of Fortive Corporation and the timing thereof, and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, deterioration of or instability in the economy, the markets we serve and the financial markets, the impact of our restructuring activities on our ability to grow, contractions or growth rates and cyclicality of markets we serve, competition, the potential for improper conduct by our employees, agents or business partners, our ability to successfully identify, consummate and integrate appropriate acquisitions and successfully complete divestitures and other dispositions, contingent liabilities relating to acquisitions and divestitures, our ability to successfully consummate the separation of Danaher into two public companies and realize the anticipated benefits of that transaction, our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reductions and other changes in the healthcare industry, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations and liquidity, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, labor matters, international economic, political, legal, compliance and business factors, disruptions relating to man-made and natural disasters, security breaches or other disruptions of our information technology systems and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2015 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2016. These forward-looking statements speak only as of the date of this release, and Danaher does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
Matthew E. Gugino, Vice President, Investor Relations
2200 Pennsylvania Avenue, N.W., Suite 800W
Washington, D.C. 20037
Telephone: (202) 828-0850, Fax: (202) 828-0860