RALEIGH – Vontier Corporation, which focuses on mobility services, has closed on the sale of its Global Traffic Technologies business to a Canadian firm for $107 million.
Vontier trades on the NYSE under the symbol VNT.
GTT, based in Minnesota, was acquired by Canada-based Miovision. It reported some $40 million in revenues in 2022, according to Vontier.
“This transaction is another example of our continued commitment to transforming our portfolio, focused on delivering smart, sustainable solutions to lead the evolution of the mobility ecosystem, while driving top-tier financial performance for our shareholders,” said Mark Morelli, Vontier’s CEO in the announcement. “As part of our disciplined capital allocation approach, we expect to deploy the net proceeds toward future debt reduction and share repurchase.”