By: Scott Davis
More often than not the winners in industrials are the companies that make bold portfolio moves. We call it “activity = achievement”; companies in “motion” capture investor attention. Danaher itself, with the spin of Fortive was an unexpected split, and since the split FTV has moved fast to change the portfolio to meaningfully higher growth, buying businesses also with more aftermarket mix, and lowering cyclicality with its moves. The sale today accomplishes a lot of that, in one big move. Very opportunistic.