- Danaher will file Form 10 Registration Statement with SEC on December 3, 2015 -
- Transaction now expected to be completed in the third quarter of 2016 -
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.
Statements in this release that are not strictly historical, including the statements regarding the Company's anticipated spin-off of Fortive Corporation, the composition of Fortive's businesses, Fortive's strategy and prospects, the anticipated timing of the separation, 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, our ability to develop and successfully market new products and technologies and expand into new markets, 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 2014 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2015. These forward-looking statements speak only as of the date of this release and the Company 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