Fortive to spin off precision tech segment, shares rise

Fortive

05/09/2024 13:16

** Industrial products maker Fortive's  FTV.N  shares rise
4% to $74.50 premarket
    ** Fortive to spin off its precision technologies segment by
Q4 2025 into another listed company
    ** Segment makes electrical testing and measurement
equipment
    ** Fortive CEO James Lico to retire; will be succeeded by
Olumide Soroye, the president and CEO of company's intelligent
operation solutions segment
    ** 13 of 20 brokerages rate the stock "buy" or higher and 7
"hold"; median PT $83.50 - LSEG
    ** Fortive's shares down 2.63% YTD as of last close

 (Reporting by Anshuman Tripathy in Bengaluru)
 ((Anshuman.Tripathy@thomsonreuters.com))