EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation ("Fortive") (NYSE: FTV) announced today that it has
completed the acquisition of the Advanced Sterilization Products (“ASP”)
business from Ethicon, Inc., a subsidiary of Johnson & Johnson, for
approximately $2.7 billion in cash.
ASP is a leading global provider of innovative sterilization and
disinfection solutions, and a pioneer of low-temperature hydrogen
peroxide sterilization technology. ASP supports healthcare facilities in
the fight to protect patients against hospital-acquired infections,
which are a leading cause of morbidity and mortality. ASP’s products,
which are sold globally, include the STERRAD system for sterilizing
instruments and the EVOTECH and ENDOCLENS systems for endoscope
reprocessing and cleaning. In 2018, ASP generated net revenue of
approximately $800 million.
James A. Lico, President and Chief Executive Officer, stated, “We are
extremely excited to welcome ASP to the Fortive family. The acquisition
of ASP demonstrates our increased commitment to enhancing the safe
operation of hospitals and healthcare facilities worldwide. We are
confident that the addition of ASP to the Fortive portfolio will
generate compelling value for ASP and its customers, as well as our
shareholders.”
Fortive will discuss the acquisition of ASP during its scheduled
quarterly earnings call on April 25, 2019.
ABOUT FORTIVE
Fortive is a diversified industrial technology growth company comprised
of Professional Instrumentation and Industrial Technologies businesses
that are recognized leaders in attractive markets. Fortive’s well-known
brands hold leading positions in field solutions, product realization,
sensing technologies, transportation technologies, and franchise
distribution. Fortive is headquartered in Everett, Washington and
employs a team of more than 24,000 research and development,
manufacturing, sales, distribution, service, and administrative
employees in more than 50 countries around the world. With a culture
rooted in continuous improvement, the core of our company’s operating
model is the Fortive Business System.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, statements
regarding business opportunities, future prospects, shareholder value,
and any other statements identified by their use of words like “will,”
“anticipate,” “expect,” “believe,” “outlook,” or “guidance,” or other
words of similar meaning 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, international trade policies and the financial markets, changes
in trade relations with China, contractions or lower growth rates and
cyclicality of markets we serve, competition, changes in industry
standards and governmental regulations, our ability to successfully
identify, consummate, integrate and realize the anticipated value of
appropriate acquisitions and successfully complete divestitures and
other dispositions, our ability to develop and successfully market new
products, software, and services and expand into new markets, the
potential for improper conduct by our employees, agents or business
partners, contingent liabilities relating to acquisitions and
divestitures, impact of changes to tax laws, our compliance with
applicable laws and regulations and changes in applicable laws and
regulations, risks relating to international economic, political, legal,
compliance and business factors, 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, the
impact of our debt obligations on our operations, litigation and other
contingent liabilities including intellectual property and
environmental, health and safety matters, our ability to adequately
protect our intellectual property rights, risks relating to product,
service or software defects, product liability and recalls, risks
relating to product manufacturing, 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, security breaches or
other disruptions of our information technology systems, adverse effects
of restructuring activities, labor matters, and disruptions relating to
man-made and natural disasters. 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 Annual Report on Form 10-K for the year ended December 31, 2018.
These forward-looking statements speak only as of the date of this
release, and Fortive 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.
Griffin Whitney
Vice President, Investor Relations
Fortive Corporation
6920 Seaway Boulevard
Everett, WA 98203
Telephone: (425) 446-5000