WASHINGTON (dpa-AFX) - Fortive Corp. (FTV), an industrial technology conglomerate company, on Monday announced that it has completed the spin-off of its Precision Technologies segment, creating a new independent company, Ralliant Corp.
The separation was finalized on June 28, with Ralliant shares distributed to Fortive shareholders.
As part of the separation, Olumide Soroye has taken over as President and CEO of Fortive and joined its Board of Directors. His appointment follows a previously announced leadership transition linked to the spin-off of Ralliant.
Soroye replaces James Lico, who has retired from his roles as President, CEO, and Director. Lico will remain with the company as a non-executive senior advisor through the end of the year.
As part of the spin-off, Fortive shareholders received one share of Ralliant common stock for every three Fortive shares they held as of the close of business on June 16.
Fractional shares were combined, sold, and the proceeds distributed to shareholders. In total, around 113 million Ralliant shares were issued in the separation.
Fortive will continue to trade on the New York Stock Exchange under the symbol 'FTV,' while Ralliant has begun regular trading today under the symbol 'RAL.'
In the pre-market trading, Fortive is 1.78% higher at $54.90 on the New york Stock Exchange.
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