Industrial-equipment maker Fortive Corp. announced its intention to split the company into two independent publicly traded entities, namely Fortive and NewCo.
Pursuant to the proposed transaction, the newly formed Fortive will manage the existing company's professional instrumentation segment, which includes its field solutions, product realization and sensing technologies platforms and its advanced sterilization products business. It will focus on safety- and security-related software services.
James Lico and Charles McLaughlin will continue as CEO and CFO of Fortive, respectively.
NewCo will manage the company's business relating to retail and commercial fueling, fleet management and professional tools. It will focus on transportation and mobility services.
The proposed transaction is expected to close in the second half of 2020.
