Danaher to spin off environmental and applied solutions unit

Medical technology firm Danaher Corp said on Wednesday it would separate its environmental & applied solutions (EAS) segment to create a publicly traded company.

Danaher insider Jennifer Honeycutt, who joined the company in 1999, will become the president and chief executive officer of EAS after the transaction closes in the fourth quarter of 2023.

Danaher, which currently has a market capitalization of over $200 billion, is the third large conglomerate this year to announce a spin-off after Kellogg Co and 3M Co.

Danaher said it expects the transaction to be tax-free to its shareholders.