Danaher Corporation (NYSE:DHR) announced the spin-off of Environmental & Applied Solutions business on September 14, 2022. As per the terms, Danaher stockholders will receive one share of Veralto common stock for every three shares of Danaher common stock they hold on the Record Date. As per the transaction, Environmental & Applied Solutions segment will become an independent, publicly traded company.

As per the transaction Jennifer L. Honeycutt will become President and Chief Executive Officer of Environmental & Applied Solutions. As of May 26, 2023, Sylvia A. Stein become Senior Vice President and General Counsel of Veralto Corporation. The Environmental & Applied Solutions business had sales and Operating profit for the year ended December 31, 2021 of approximately $4.7 billion and $1.05 billion respectively.

The transaction is subject to the satisfaction of customary conditions, including obtaining final approval from the Danaher board of directors, satisfactory completion of financing, receipt of tax opinions, receipt of favorable rulings from the Internal Revenue Service and receipt of other regulatory approvals. On February 8, 2023, Danaher Corporation announced that Veralto Corporation ("Veralto" or the "Company") will be the name of the separate public company. Veralto will establish its headquarters in Waltham, Massachusetts, and intends to apply to list its common stock on the New York Stock Exchange under the symbol VLTO. The transaction is expected to be completed in the fourth quarter of 2023.

As of August 25, 2023, the dividend is payable on September 30, 2023. The Depository Trust Company acted as a transfer agent.