Vontier Announces Divestiture of the Coats Company
09 Janeiro 2024 - 9:00AM
Business Wire
Vontier Corporation (NYSE: VNT), a leading global provider of
critical technologies and solutions to connect, manage and scale
the mobility ecosystem, today announced the sale of its Coats
business to Victor Capital Partners for $72.5 million, in an
all-cash transaction.
“We continue to demonstrate progress in transforming our
portfolio, sharpening our focus on delivering more intelligent and
differentiated solutions to our customers, and executing on our
Connected Mobility strategy to connect, manage and scale the
mobility ecosystem,” said Mark Morelli, President and Chief
Executive Officer. “Net proceeds from this transaction are expected
to be deployed toward future debt reduction and share repurchases
as we remain committed to delivering on our strategic priorities
and driving superior value for our shareholders.”
Coats is projected to report 2023 revenue of approximately $110
million and EBITDA of approximately $10 million. Financial results
for the Coats business are reported within the “Other” segment in
Vontier’s financials and will be excluded from continuing
operations as of the completion date. The transaction closed on
January 8, 2024.
The Coats Company is a leading global manufacturer of wheel
service, alignment, lift and inspection equipment for the
automotive market under the iconic Coats brand. Drawing on over 70
years of expertise, market perspective, and innovative engineering,
Coats keeps repair shops, tire dealers, big box retailers, and car
dealerships rolling and ready for rapid industry evolution. Coats
is headquartered in LaVergne, Tennessee.
Victor Capital Partners is a leading middle market private
equity firm investing in specialty consumer, industrial technology,
and business services companies. It focuses on resilient industries
and mission-driven branded businesses with outsized growth
potential.
ABOUT VONTIER
Vontier (NYSE: VNT) is a global industrial technology company
uniting productivity, automation and multi-energy technologies to
meet the needs of a rapidly evolving, more connected mobility
ecosystem. Leveraging leading market positions, decades of domain
expertise and unparalleled portfolio breadth, Vontier enables the
way the world moves – delivering smart, safe and sustainable
solutions to our customers and the planet. Vontier has a culture of
continuous improvement and innovation built upon the foundation of
the Vontier Business System and embraced by colleagues worldwide.
Additional information about Vontier is available on the Company’s
website at www.vontier.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the
meaning of the federal securities laws. These statements include
but are not limited to statements regarding Vontier Corporation’s
(the “Company’s”) business and acquisition opportunities and
anticipated earnings, and any other statements identified by their
use of words like “anticipate,” “expect,” “believe,” “outlook,”
“guidance,” or “will” or other words of similar meaning. 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, deterioration of or
instability in the economy, the markets we serve, international
trade policies and the financial markets, contractions or lower
growth rates and cyclicality of markets we serve, competition,
changes in industry standards and governmental regulations that may
adversely impact demand for our products or our costs, 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,
war or hostility, 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 Form 10-K for the year ended December 31, 2022. These
forward-looking statements represent Vontier’s beliefs and
assumptions only as of the date of this release and 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240109603746/en/
Ryan Edelman Vice President, Investor Relations Vontier
Corporation +1 (984) 238-1929 ryan.edelman@vontier.com
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