EVERETT, Wash.–(BUSINESS WIRE)–Fortive Company (“Fortive”) (NYSE: FTV) as we speak introduced its intention to separate Vontier Company (“Vontier”) by way of a spin-off of 80.1% of the excellent shares of Vontier frequent inventory to Fortive shareholders. When accomplished, the transaction will end in two impartial, publicly traded firms:
- Fortive, an industrial progress firm offering important merchandise, software program, and providers in area options, product realization, sensing and well being.
- Vontier, a world industrial expertise firm delivering market-leading options and data-driven insights to advance effectivity, security, safety, and environmental compliance for its clients in mobility infrastructure end-markets.
James A. Lico, President and Chief Govt Officer of Fortive, said: “We’re very excited to make as we speak’s announcement as we transfer towards the completion of the separation of Vontier. We proceed to imagine that the separation will create important long-term worth for all of our stakeholders by creating two firms which can be in a position to deal with their respective strategic and capital allocation priorities. Each firms will carry ahead a tradition centered across the ideas of the Fortive Enterprise System, and the dedication to steady enchancment that continues to be the cornerstone of our long-term success.”
Mr. Lico continued: “New Fortive can have a differentiated portfolio of growth-oriented companies targeted on mission-critical purposes for complicated buyer workflows and aligned with important long-term progress traits. The corporate will likely be nicely positioned to proceed to drive accelerated progress and elevated profitability throughout its portfolio by way of a mixture of natural innovation and capital deployment to its strategic priorities.”
Mark D. Morelli, President and Chief Govt Officer of Vontier, said: “We’re extraordinarily excited to construct on the energy of our present platform whereas we glance to develop into new market adjacencies and spend money on rising applied sciences to drive future progress. We are going to proceed to construct upon our Danaher and Fortive legacies and apply the Vontier Enterprise System to maintain the deal with steady enchancment that continues to be on the core of our means to ship robust outcomes for our clients, staff, and our shareholders.”
Fortive intends to distribute 80.1% of the excellent shares in Vontier to Fortive shareholders on a professional rata foundation in a distribution meant to be tax-free to Fortive. Fortive presently plans to divest its 19.9% retained shares in Vontier after the spin-off in a tax-efficient method. Particulars on the transaction are included within the Kind 10 registration assertion, which has been filed publicly with the Securities and Alternate Fee. The spin-off is predicted to be accomplished within the fourth quarter of 2020, topic to acquiring ultimate approval from the Fortive Board of Administrators and market, regulatory and different customary situations.
Fortive expects to take part on the Vertical International Industrials Convention on September 9, 2020, the RBC International Industrials Convention on September 14, 2020 and the Morgan Stanley Annual Laguna Convention on September 16, 2020. To the extent that Fortive’s participation at any such occasion will likely be accessible through simultaneous webcast, Fortive will present advance discover at a later date on the time of, and directions on methods to entry, such webcast.
Fortive is a diversified industrial progress firm comprised of Skilled Instrumentation and Industrial Applied sciences companies which can be acknowledged leaders in enticing markets. Fortive’s well-known manufacturers maintain main positions in area options, product realization, sensing applied sciences, transportation applied sciences, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a group of greater than 25,000 analysis and growth, manufacturing, gross sales, distribution, service and administrative staff in additional than 50 international locations around the globe. With a tradition rooted in steady enchancment, the core of our firm’s working mannequin is the Fortive Enterprise System. For extra info please go to: www.fortive.com.
Vontier is a world industrial expertise firm targeted on transportation and mobility options. The corporate’s portfolio of trusted manufacturers contains market-leading experience in mobility applied sciences, retail and business fueling, fleet administration, telematics, car diagnostics and restore, and sensible cities end-markets. Vontier’s revolutionary merchandise, providers, and software program advance effectivity, security, safety, and environmental compliance worldwide.
Guided by the confirmed Vontier Enterprise System and an unwavering dedication to steady enchancment and buyer success, Vontier retains visitors flowing by way of greater than 90,000 intersections, serves greater than 260,000 buyer fueling websites, displays greater than 480,000 business autos, and equips over 600,000 auto technicians worldwide. Vontier’s historical past of innovation, margin profile, and money stream traits, are anticipated to assist continued funding throughout a spectrum of compelling natural and capital deployment progress alternatives. Vontier is main the way in which to smarter mobility for a rising, linked world.
Statements on this launch that aren’t strictly historic, together with statements relating to the anticipated transaction, the anticipated timing and phrases thereof, the longer term monetary affect or anticipated advantages of the transaction, the anticipated prospects of Fortive, Vontier, or the industries wherein they may function following the separation, future alternatives for Fortive or Vontier following the separation, and some other statements relating to occasions or developments that Fortive expects or anticipates will or might happen sooner or later, are “forward-looking” statements inside the that means of the federal securities legal guidelines. There are a variety of essential dangers and uncertainties that would trigger precise outcomes, developments and enterprise choices to vary materially from these advised or indicated by such forward-looking statements and you shouldn’t place undue reliance on any such forward-looking statements. These dangers and uncertainties embrace, amongst different issues, the power to fulfill the situations to, and full, the transaction on a well timed foundation or in any respect, together with the power to acquire regulatory approvals, the power of Fortive or Vontier to understand the advantages of the transaction, a deterioration of or instability within the economic system, worldwide commerce insurance policies, and the monetary markets, contractions or decrease progress charges and cyclicality of markets Fortive or Vontier serves, competitors, modifications in trade requirements and governmental laws, and Fortive’s and Vontier’s efficiency and upkeep of essential enterprise relationships pending closing of the transaction. Further info relating to the elements that will trigger precise outcomes to vary materially from these forward-looking statements is offered in our SEC filings, together with our Annual Report on Kind 10-Okay for the 12 months ended December 31, 2019 and our Quarterly Stories on Kind 10-Q for the quarters ended March 27, 2020 and June 26, 2020. These forward-looking statements communicate solely as of the date of this launch, and, except legally required, Fortive doesn’t assume any obligation to replace or revise any forward-looking assertion, whether or not on account of new info, future occasions and developments or in any other case.
NOT AN OFFER
This announcement is for informational functions solely and shall not represent, or type part of, a proposal to promote or the solicitation of a proposal to promote or the solicitation of a proposal to purchase any securities.