Fortive to spin-off its precision technologies segment.

Fortive, a provider of essential technologies for connected workflow solutions across a range of attractive end-markets, is set to spin-off its precision technologies segment. Financial terms were not disclosed. “Over the last eight years, we’ve created a more durable, higher-growth company with an intense commitment to innovation. Our unique culture rooted in our powerful Fortive Business System (FBS) has been critical to the value we’ve driven over this period. Today’s announcement marks the next step forward in Fortive’s evolution. Once the spin-off is complete, Fortive will be more focused on recurring revenue and software businesses, and better positioned to accelerate growth and consistently grow earnings and free cash flow. Similarly, our Precision Technologies business will thrive as a standalone public company, focused on key secular growth trends powering the world’s technology advancements. We are confident that this plan will best position each company for the future and deliver enhanced value for all stakeholders,” James A. Lico, Fortive President and CEO.