Danaher to spin off environmental unit into separate public company

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Danaher Corp. DHR, -0.02% on Wednesday said it would spin off its Environmental & Applied Solutions segment into a separate publicly-traded company. The spin-off, expected to be completed in the fourth quarter of 2023, would help the diagnostic-tools provider become “a more focused science and technology leader committed to innovation and making a profound impact on human health,” Chief Executive Rainer M. Blair said in a statement. The new company would be made up of Danaher’s Water Quality and Product Identification segments, and would be called “EAS” until given a permanent new name, the company said. “We believe that EAS will be advantaged as a standalone company with greater opportunities to pursue high-impact organic and inorganic investments,” Blair continued. Jennifer L. Honeycutt will become CEO of EAS when the transaction is completed. Shares rose 5% after hours.

This article was originally published by Marketwatch.com. Read the original article here.

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