RALEIGH – Fortive Corporation, an Everett, Washington based company with some $7 billion in revenue, is launching a new company focusing on transportation and mobility that will be based in Raleigh.
The firm – called Vontier Corporation – will have 8,400 workers, according to an announcement made Wednesday.
The company is hiring. However, specifics about location of the headquarters and staffing was not disclosed. Six positions – all in management – are already listed.
“The name Vontier comes from a combination of ‘via’, meaning a road or a way, and ‘frontier’, an expression of exploration and the pursuit of further progress,” said Mark Morelli, who was announced as the chief executive officer. Morelli is the former CEO of McKinnon Corp. in Columbus, Ohio.
“With its portfolio of leading brands and a strong track record of financial performance, Vontier stands to benefit from the continued growth across its established transportation and mobility end-markets. At the same time, the company is well positioned to capitalize on growth opportunities across a range of attractive, adjacent markets and emerging, mobility-related technologies.”
Parent firm Fortive is described as a “diversified industrial conglomerate.” Fortive is publicly traded under the stock symbol FTV on the New York Stock Exchange.
Fortive describes Vontier this way:
“Vontier will be a global industrial company focused on transportation and mobility, with a portfolio of leading retail and commercial fueling, fleet management, and professional tools brands. It will possess leading positions in a range of end-markets such as retail fueling and mobility infrastructure, fleet management and smart cities, and vehicle maintenance and repair. Vontier’s history of innovation, margin profile, and cash flow characteristics, along with its strong foundation of continuous improvement based on the Fortive Business System, are expected to support continued investment in a range of organic growth and capital deployment opportunities.”
The focus on Vontier will be on what Morelli describes as the “Vontier Business System,” or VBS.
“VBS will be a key source of our competitive advantage, providing the foundation of our operating model and serving as the core of our culture,” said Morelli in the announcement. “The Vontier operating companies are steeped in the fundamentals of VBS and will carry forward a strong heritage grounded in a relentless commitment to continuous improvement. We look forward to pursuing the many growth opportunities ahead of us, as we maintain a keen focus on delivering long-term value to our employees and customers.”
Vontier will include such brands as Gilbarco Veeder-Root, Matco Tools and Teletrac Navman.
The new venture will be spun out from Fortive “later this year,” Fortive announced. Fortive announced plans in December to split into two companies.
Jim Lico, CEO of Fortive, praised Morelli in December when the plan to form a “NewCo” was disclosed.
“Mark has a proven track record of delivering strong operational results as well as driving improvements in innovation to accelerate long term growth. His successful tenure as the CEO of Columbus McKinnon Corporation has demonstrated his strategic ability to build a company for long-term success. The combination of Mark’s long history of high performance and his understanding and appreciation of our business system will make him an outstanding steward of NewCo’s culture of continuous improvement.”
Fortive announced plans in December to split into two companies. It currently has more than 25,000 employees spread across 50 countries.
Learn more about the company at this site.