EVERETT, WA — Fortive Corporation announced Jan. 15 that the name of the new global industrial company which is expected to separate from Fortive later this year will be Vontier Corporation. Vontier will focus on transportation and mobility markets and will be comprised initially of a portfolio of retail and commercial fueling, fleet management, and professional tools brands, including Gilbarco Veeder-Root, Matco Tools, and Teletrac Navman.
Mark Morelli, who will serve as president and chief executive officer of Vontier, stated: “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. 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.”
Morelli served as CEO of material handling products maker Columbus McKinnon from February 2017 until Jan. 10 of this year.
“The Vontier Business System (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,” Morelli said. “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 be headquartered in Raleigh, NC and will employ approximately 8,400 people worldwide. The company’s website is www.vontier.com.
Vontier will possess 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.
Fortive is a diversified industrial technology growth company comprised of professional instrumentation and industrial technologies businesses that are recognized in attractive markets. Fortive’s well-known brands hold positions in field solutions, product realization, sensing technologies, transportation technologies and franchise distribution. Fortive is headquartered in Everett, WA and employs a team of more than 25,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world.