RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation ("Vontier") (NYSE: VNT), a global industrial technology company focused on transportation and mobility solutions, announced today the completion of its separation from Fortive Corporation ("FTV") 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.
Statements in this release that are not strictly historical, including the statements regarding ability to pursue strategic priorities, ability to invest in growth opportunities, and ability to generate increased value for various stakeholders and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are “forward-looking” statements within the meaning of the federal securities laws. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These risks and uncertainties include, among other things, the ability of Vontier or Fortive to realize the benefits of the transaction, the duration and impact of the COVID-19 pandemic, deterioration of or instability in the economy, the markets we serve, international trade policies and the financial markets, trade relations with China, the phase out of the London Interbank Offered Rate, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, political, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Information Statement filed with the Form 10B-12/A on September 21, 2020. These forward-looking statements speak only as of the date of this release, and, unless legally required, Vontier does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.