05:23 PM EDT, 09/04/2024 (MT Newswires) -- Fortive ( FTV ) said Wednesday it plans a spinoff its precision technologies segment, creating two independent publicly traded companies.

On completion of the spinoff, Olumide Soroye will be chief executive officer of Fortive ( FTV ), succeeding James Lico, who will retire. Tami Newcombe, currently CEO of the

the precision technologies and advanced healthcare solutions segments, will be CEO of the new company.

Fortive ( FTV ) Chief Financial Officer Chuck McLaughlin will retire by the end of Q1 2025.

The company also reaffirmed its Q3 and 2024 guidance.

Shares of Fortive ( FTV ) rose 4% in recent after-hours activity.

Price: 74.58, Change: +2.89, Percent Change: +4.03