Vontier Corporation, a global industrial technology company focused on transportation and mobility solutions, announced today the completion of its separation from Fortive Corporation and its launch as an independent, publicly traded corporation. Vontier's common stock will begin trading "regular way" today, October 9, 2020 on the New York Stock Exchange under the symbol "VNT."
"Today marks a major milestone for Vontier in our journey of mobilizing the future to create a better world,” said Mark Morelli, President and Chief Executive Officer of Vontier. “We are privileged to claim the Danaher and Fortive heritage with a proven track record of substantial and strategic portfolio transformation. The Vontier Business System will be the foundation of organic initiatives to enhance our growth profile, continue to expand already strong margins, and generate robust free cash flow. We believe in this established playbook for long-term value creation for all stakeholders.”
In connection with the separation, Fortive shareholders today received two shares of common stock of Vontier for every five shares of Fortive common stock held at the close of business on September 25, 2020 (other than fractional shares, which will be aggregated and sold into the public market and the proceeds distributed to Fortive shareholders that otherwise would have received such fractional shares). The shares will be credited to "street name" shareholders through the Depository Trust Corporation. Approximately 134.9 million shares of Vontier common stock were distributed in the separation to Fortive shareholders, with approximately 33.5 million additional shares of Vontier common stock retained by Fortive.
Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets. Vontier’s innovative products, services, and software advance efficiency, safety, security, and environmental compliance worldwide.
Guided by the proven Vontier Business System and an unwavering commitment to continuous improvement and customer success, Vontier keeps traffic flowing through more than 90,000 intersections, serves more than 260,000 customer fueling sites, monitors more than 480,000 commercial vehicles, and equips over 600,000 auto technicians worldwide. Vontier’s history of innovation, margin profile, and cash flow characteristics are expected to support continued investment across a spectrum of compelling organic and capital deployment growth opportunities. Vontier is mobilizing the future to create a better world.