Industrial Scientific signed an agreement to become a Fortive Corporation operating company.
PITTSBURGH, PA 28 July 2017 Industrial Scientific, a global leader in gas detection and safety-as-a-service, is pleased to announce that it has signed a definitive purchase agreement to join the Fortive family of industrial technology companies as a member of its Field Solutions platform. The new ownership will provide Industrial Scientific with additional capacity to accelerate the companys vision of eliminating death on the job by the year 2050.
Fortive (NYSE: FTV) is a public company that was a part of Danaher Corporation until July 2016 when it spun off to become its own company. With 2016 revenues of $6.2 billion, Fortive is a diversified industrial growth company with essential technology businesses that drive innovation in field instrumentation, transportation, sensing, product realization, automation, and franchise distribution.
We are excited by the opportunities we will now have with the backing of Fortive. As our vision of ending death on the job comes into focus we will now have even more technological and financial support in that endeavor, said Justin McElhattan, president of Industrial Scientific.
Based in Everett, WA, Fortive employs a team of more than 24,000 research and development, manufacturing, sales, distribution, service, and administrative employees in more than 40 countries around the world.
Citigroup Global Markets, Inc. and Raptor Partners LLC acted as financial advisors to Industrial Scientific in the transaction.
About Industrial Scientific Corporation
As the global leader in gas detection, Industrial Scientific provides gas detection products and services that keep workers safe in hazardous environments. The companys 700 employees in 21 countries are committed to preserving human life and have dedicated their careers to eliminating death on the job by the year 2050. Established in 1985 and headquartered in Pittsburgh, Pennsylvania, Industrial Scientific has operations based in Arras, France and Shanghai, China, and provides technical services to customers from local service centers around the world. Industrial Scientific is the parent company to Predictive Solutions Corporation (www.predictivesolutions.com). For more information, visit www.indsci.com.
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