Vontier announces new reporting segment structure

Vontier Corporation announced a new segment reporting structure to align with its strategy, better reflect the diverse end markets it serves and provide greater transparency into its businesses. Starting with its first quarter 2023 earnings announcement, the company will report its financial results based on the following business segments: Mobility Technologies provides digitally enabled equipment and solutions to support efficient operations across the mobility ecosystem. Offerings include point-of-sale and payment systems, IoT-based fleet telematics and workflow automation solutions, data analytics, operating software for electric vehicle charging networks, and integrated solutions for alternative fuel dispensing. Mobility Technologies consists of Vontier’s Retail Solutions, DRB, Teletrac Navman, ANGI, and Driivz businesses. Repair Solutions comprises the Matco business, a leading manufacturer and distributor of aftermarket vehicle repair tools, toolboxes, automotive diagnostic equipment and software through a robust network of mobile franchisees. Environmental & Fueling Solutions provides best-in-class environmental, fueling hardware and software, and aftermarket solutions for global fueling infrastructure and comprises the Gilbarco Veeder-Root business. Other consists of the company’s Global Traffic Technologies and Coats (Hennessy) businesses, which are reported as assets held for sale, as previously communicated. "As Vontier continues its transformation journey as a leader in the mobility ecosystem, we are excited to unveil our new reporting structure, which aligns with our strategic vision for the company and effectively positions our brands and product capabilities to deliver enhanced profitable growth and shareholder value. Our leadership team is empowered to craft and execute targeted strategies to capture expanding market potential and propel our business forward, delivering even stronger results for our stakeholders," stated Mark D. Morelli, President and CEO. "Our expertise and capabilities across these segments, coupled with our unwavering commitment to innovation and customer-centric solutions, uniquely positions us to lead the mobility industry evolution and drive transformative change."