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Vontier Corporation (NYSE: VNT) is a multinational industrial technology company that specializes in mobility technologies and alternative energy solutions. Established in 2020 as a spin-off from Fortive Corporation, Vontier consists of diverse portfolio of businesses across the mobility technology, diagnostics and repair, and environmental and fueling sectors. Headquartered in Raleigh, North Carolina, Vontier has a global presence, serving customers across more than 150 countries.[2]

History

In October 2020, Fortive completed the corporate spin-off of 80% of Vontier.[3] Fortive disposed of its remaining 20% ownership interest in January 2021.[4]

In September 2021, Vontier completed its first acquisition, announcing the completion of its DRB Systems acquisition.[5]

In February 2022, Vontier announced its intention to diversify its portfolio towards long-term secular growth drivers including electrification, gaseous fuels infrastructure, network management, and energy storage solutions with a commitment to invest more than $500 million over the next five years to lead in the energy transition. This announcement coincided with the acquisition of Driivz. [6]

In October 2022, Vontier completed the acquisition of Invenco.[7]

In April 2023, Vontier completed the divestiture of Global Traffic Technologies, also known as GTT.

Strategic segments

In March 2023, Vontier announced a new reporting structure to align with its connected mobility strategy and provide greater transparency.[8] Vontier began reporting under this new structure with its first quarter 2023 earnings announcement.[9]

Mobility Technologies:

  • Alternative Energy & Sustainable Fleets platform: ANGI provides compressed natural gas, renewable natural gas, and hydrogen fueling solutions. Teletrac Navman provides telematics and fleet management solutions. EVolve bring together technology from Driivz and Sparkion to provide an interoperable electric vehicle (EV) charging and energy management platform for EV charging providers and fleet operators.
  • DRB Systems provides point-of-sale, workflow solutions, and data analytics for the car wash industry in the United States.
  • Invenco by GVR provides convenience retailers with point-of-sale systems, payment solutions, site automations, workflows, and cloud services.

Repair Solutions:

  • Matco Tools is a distribution franchise that provides diagnostics and repair solutions for the automotive and other industries in North America.

Environmental & Fueling Solutions:

  • Gilbarco Veeder-Root provides hardware and software solutions for above- and below-ground fueling infrastructure.

Sustainability

In 2022, Vontier released its inaugural Environment, Social and Governance (ESG) Report,[10] which summarizes the company’s goals and sustainability progress since its 2020 launch as an independent public company. Vontier has been named a Best Places to Work for LGBTQ+ employees by the Human Rights Campaign,[11] a Military Friendly Employer,[12] and earning a B score from CDP in 2022.[13]

References

  1. ^ "Vontier Corporation 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ EANES, ZACHERY (February 21, 2020). "A public company plans HQ move to Raleigh. A small portion of its workers will follow". The News & Observer.
  3. ^ "Fortive Completes Spin-off of Vontier" (Press release). Business Wire. October 9, 2020.
  4. ^ "Vontier Announces Launch of Secondary Equity Offering of Remaining Shares of Common Stock Held by Fortive" (Press release). Business Wire. January 12, 2021.
  5. ^ "Vontier Announces Completion of DRB Systems Acquisition". www.businesswire.com. 2021-09-13. Retrieved 2023-08-08.
  6. ^ "Vontier Accelerates Portfolio Transformation With Energy Transition Investment Commitment and Acquisition of Driivz". www.businesswire.com. 2022-02-08. Retrieved 2023-08-08.
  7. ^ Veeder-Root, Gilbarco. "Vontier Completes Acquisition of Invenco". www.prnewswire.com. Retrieved 2023-08-08.
  8. ^ "Vontier Announces New Reporting Segment Structure". www.businesswire.com. 2023-03-20. Retrieved 2023-08-08.
  9. ^ "Inline XBRL Viewer". www.sec.gov. Retrieved 2023-08-08.
  10. ^ "Vontier Releases 2022 ESG Report". www.businesswire.com. 2022-11-07. Retrieved 2023-08-08.
  11. ^ "Best Places to Work for LGBTQ Equality 2022". Human Rights Campaign. Retrieved 2023-08-08.
  12. ^ "Is Vontier Military Friendly? | Military Friendly". www.militaryfriendly.com. Retrieved 2023-08-08.
  13. ^ "CDP". www.cdp.net. Retrieved 2023-08-08.

External links

source: https://en.wikipedia.org/wiki/Vontier