RALEIGH — One month after Fortive Corporation announced plans to launch a new transportation company, Vontier Corporation, in Raleigh, it has disclosed that the deal is expected to close later this year.
The Everett, Washington-based company, with some $7 billion in revenue, is planning to employ 8,400 workers as part of the project and and is already hiring. However, specifics about location of the headquarters and staffing was not disclosed. Six positions – all in management – are already listed.
“We are moving toward the completion of the separation of Vontier, after announcing key members of the senior management team, launching the brand, and making progress against other significant milestones over the past few months,” James A. Lico, president and chief executive officer, said in the company’s recent fourth-quarter filing.
“We look forward to completing the transaction later this year, and positioning both companies to take full advantage of their respective growth opportunities and capital allocation priorities.”
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.