Fortive Corp. (FTV) announced that its board has approved an increase in the number of shares of Fortive's common stock authorized under its general share repurchase program by about 15.63 million additional shares.
Following such increase, the total number of shares remaining available for repurchase under the General Share Repurchase Program will be 20 million shares, including approximately 4.37 million shares available under the prior authorizations by the Board of Directors. The General Share Repurchase Program has no expiration date.
In addition and in connection with the pending separation of Ralliant Corporation, Fortive's precision technologies segment, Fortive announced that its Board of Directors concurrently adopted a separate special purpose share repurchase program under which Fortive may purchase up to $550 million in Fortive's common stock exclusively from the proceeds of the approximately $1.15 billion pre-Separation cash dividend from Ralliant to Fortive, together with any other cash received by Fortive from Ralliant in connection with the Separation.
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