Fortive Announces Board Designees for the New Precision Technologies Company, to be Named Ralliant Corporation
Ganesh Moorthy is Expected to Join Ralliant's Board as its Independent Chair at the Time of the Separation
Alan G. Spoon and Kate D. Mitchell are Expected to Join the Ralliant Board of Directors at the Time of the Separation
Fortive Corporation ("Fortive") (NYSE:FTV) today announced that its Precision Technologies segment expected to be separated as a new independent, public company has been named Ralliant Corporation ("Ralliant"). Ralliant is trusted for precision technologies that advance next generation innovation and safeguard mission-critical applications through leading brands in test and measurement, specialty sensors, and aero, defense, and space subsystems. In addition, Fortive will provide an update on its anticipated separation timing during its upcoming fourth quarter and full year 2024 earnings call scheduled for February 7th, 2025.
Tami Newcombe, President and Chief Executive Officer of Ralliant, stated, "The name is inspired by ‘rally' and ‘valiant,' reflecting how we come together – focused on our customers and energized to shape the future. Together, we push boundaries and create breakthroughs in precision technologies to instill confidence, empower progress, and create what's next."
Fortive today also announced that Ganesh Moorthy is expected to be appointed to Ralliant's Board of Directors at the time of the separation as an independent Chair of the Board. Founding Fortive board members Alan G. Spoon and Kate D. Mitchell are also expected to be appointed to the Ralliant Board of Directors as independent directors at the time of the planned separation. Ms. Mitchell will also continue to serve as a director of Fortive. Additional Ralliant directors will be determined and announced as the planned separation process progresses.
"Ganesh's relevant industry expertise, including his most recent role as CEO, President and Director of Microchip Technology, will provide valuable end market and operational insights as we execute on our growth and innovation strategy," said Ms. Newcombe. "We're delighted that he will join the Ralliant Board as the Chair, and we look forward to benefitting from his oversight when we are a standalone company."
"It will be an honor to be named Chair of the Board of Directors of Ralliant at such a milestone moment. Together, we expect to leverage Ralliant's mission critical technologies to power the world's technology advancements and pursue value-creating opportunities for all stakeholders," said Mr. Moorthy.
Mr. Moorthy brings extensive director experience from his service on the Board of Directors of companies including Celanese and Rogers Corporation. He most recently served as Chief Executive Officer, President & Board Member at Microchip Technology from 2021 to 2024, where he held various leadership positions since he joined the Company in 2001. Prior to this, he held successive engineering and executive leadership roles at Intel over a period of 19 years.
Ms. Newcombe continued, "We are thrilled that Alan and Kate will join the Ralliant Board. Following his role as Chair of Fortive, Alan's depth of understanding our business will be important in executing our focused strategy. Kate's expertise, ranging from early-stage enterprise startups through successful, high growth companies, will help us accelerate our customer centric innovation. I am excited to work alongside Ganesh, Alan, and Kate to unlock opportunities and position Ralliant for a future of growth and value creation."
About Fortive
Fortive is a provider of essential technologies for connected workflow solutions across a range of attractive end-markets. Fortive's strategic segments - Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions - include well-known brands with leading positions in their markets. The company's businesses design, develop, service, manufacture, and market professional and engineered products, software, and services, building upon leading brand names, innovative technologies, and significant market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 18,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company's operating model is the Fortive Business System. For more information please visit: www.fortive.com.
Forward-Looking Statements
Statements in this release that are not strictly historical, including statements regarding the proposed separation, including the anticipated timing and terms thereof, the future financial impact or anticipated benefits of the separation, the anticipated prospects of Fortive, Ralliant, or the industries in which Ralliant or Fortive will operate following the separation, the anticipated leadership of Ralliant, future opportunities for Fortive or Ralliant following the separation, and any other statements identified by their use of words like "anticipate," "expect," "believe," "outlook," "guidance," "target," or "will" or other words of similar meaning, are "forward-looking statements" within the meaning of the United States federal securities laws. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: deterioration of or instability in the economy, the markets we serve, geopolitical conditions and conflicts, international trade policies and the financial markets, security breaches or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, changes in trade relations with other countries, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our plans to separate into two independent, publicly-traded companies, risk related to tax treatment of our prior or pending separation, impact of our indemnification obligation to Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 27, 2024. These forward-looking statements speak only as of the date of this presentation, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
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Elena Rosman
Vice President, Investor Relations
Fortive Corporation
6920 Seaway Boulevard
Everett, WA 98203
Telephone: (425) 446-5000