Today, Danaher Corporation (NYSE: DHR) proudly announces the successful completion of a significant corporate maneuver – the separation of its Environmental & Applied Solutions segment. This strategic move has materialized through the spin-off of Veralto Corporation, a development that promises exciting new horizons for both Danaher and Veralto.
As Veralto gears up for “regular way” trading on the New York Stock Exchange, commencing on October 2, 2023, under the symbol “VLTO,” the stage is set for these two entities to independently embark on their journeys toward greater customer service, strategic goals, and long-term shareholder value.
Rainer M. Blair, President and Chief Executive Officer of Danaher, expressed his enthusiasm, stating, “Today marks an exciting milestone for Danaher. The successful spin-off of Veralto as an independent company creates exceptional opportunities for both Danaher and Veralto to better serve their customers, deliver on their respective strategic priorities and create greater long-term shareholder value.”
The separation process, culminating in this momentous occasion, entailed a distribution of one share of Veralto’s common stock for every three shares of Danaher common stock held by stockholders at the close of business on September 13, 2023. Notably, fractional shares will be consolidated and sold, with the proceeds distributed to Danaher stockholders.
Given the timing of the separation, which coincided with a weekend, shares are expected to be credited to “street name” stockholders through the Depository Trust Corporation on October 2, 2023. In total, a substantial distribution of approximately 246 million shares of Veralto common stock has been realized through this undertaking.
This corporate development not only underscores the agility and vision of Danaher Corporation but also represents a significant step in the evolution of both Danaher and Veralto. The stage is now set for each entity to chart its distinct course, driven by a commitment to customer excellence, strategic focus, and the pursuit of enduring shareholder value.
Danaher isn’t your average corporation; it’s a global powerhouse of science and technology innovation. Why? Because they’re on a mission – one that involves tackling complex challenges and making life better for people across the globe. They’re not doing this alone, though. Danaher boasts a remarkable family of world-class brands, all of which hold top positions in the highly competitive and compelling healthcare sectors.
Picture this: over 15 operating companies, a diverse global team of roughly 65,000 brilliant minds, all driven by a shared culture and a powerful operating system known as the Danaher Business System. Their rallying cry? “Helping Realize Life’s Potential.” Now, that’s a mission worth getting excited about!