Fortive said its board authorized management to pursue the spin-off of Precision Technologies as NewCo, a separate publicly traded company. The company expects the spin-off to be completed in Q4 2025.

1. 01

   Fortive said its board authorized management to pursue the spin-off of Precision Technologies as NewCo, a separate publicly traded company. The company expects the spin-off to be completed in Q4 2025.

2. 02

   James A. Lico will retire as President, Chief Executive Officer and a director of Fortive upon completion of the spin-off, the company said. Olumide Soroye is expected to be appointed as President, CEO and a director.

3. 03

   Tamara S. Newcombe is expected to be appointed President and CEO of NewCo in connection with the spin-off, the company said. It also said Charles E. McLaughlin will retire as Chief Financial Officer by the end of Q1 2025.

4. 04

   The company said it plans to use approximately 75% of its available free cash flow for incremental share repurchases before the spin-off is completed. It also said it reaffirmed its outlook for Q3 2024 and for full-year 2024.

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Original filing

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