An industrial technology company with a differentiated portfolio of growth-oriented businesses that generates significant recurring revenue, highly attractive margins, and strong free cash flow.A global industrial company (NewCo) focused on the growth opportunities in the rapidly evolving transportation and mobility markets, with a portfolio of leading brands across retail and commercial fueling, fleet management, and automotive service and repair solutions.The transaction is expected to be structured in a tax-efficient manner and be completed in the second half of 2020.
Fortive Business System Trial Technology CompanyJames A. Lico, President and Chief Executive Officer of Fortive, stated: Today is a very exciting day for Fortive, as we mark the latest step in our portfolio transformation with a transaction that will create two separate, independent companies. As separate companies, each business will benefit from increased strategic focus and enhanced flexibility to invest in distinct organic and inorganic growth opportunities. We are confident this will create additional opportunities and enhanced value for our employees, customers and other stakeholders. While the two companies created by this transaction will pursue independent futures, they will carry forward a culture centered around the principles of the Fortive Business System, and the commitment to continuous improvement that remains the cornerstone of our long-term success. Lico and Charles E. McLaughlin will continue to serve as President and Chief Executive Officer and Senior Vice President and Chief Financial Officer of Fortive, respectively. Through the power of the Fortive Business System, Fortive has become well positioned with enhanced core growth, leading operating margins, and a strong mix of recurring revenue. This will enable it to deliver strong earnings growth while deploying substantial free cash flow to advance its strategy and generate greater value for its shareholders. Fortive will be comprised of the businesses from the existing companys Professional Instrumentation Segment, including the Field Solutions, Product Realization, and Sensing Technologies platforms, as well as the Advanced Sterilization Products business. NewCo will be a global industrial company focused on transportation and mobility, with a portfolio of leading retail and commercial fueling, fleet management, and professional tools brands across its transportation technologies and franchise distribution product lines. It will possess leading positions in a range of end-markets such as retail fueling and mobility infrastructure, fleet management and smart cities, and vehicle maintenance and repair. NewCos history of innovation, margin profile, and cash flow characteristics, along with its strong foundation of continuous improvement based on the Fortive Business System, are expected to support continued investment in organic growth opportunities and a flexible approach to capital deployment. Fortive will hold a 30-minute conference call today at 8:30AM ET. A replay of the webcast will be available at the same location shortly after the conclusion of the presentation. The conference call can be accessed by dialing 844-443-2871 (toll-free domestic) or 213-660-0916 (international); Conference ID: 6444279. Once available, the replay can be accessed at 800-585-8367 (toll-free domestic) or 404-537-3406 (international); Conference ID: 6444279 or visit the Investors section of the website under Events Presentations. Fortive is a diversified industrial technology growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. Fortives 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 25,000 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 companys operating model is the Fortive Business System.
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