Vontier Sells Its Coats Business For $72.5 Mln To Victor Capital Partners

(RTTNews) - Vontier Corporation (VNT) made an announcement on Tuesday regarding the sale of its Coats business, which is a globally recognized manufacturer of wheel service, alignment, lift, and inspection equipment for the automotive market under the iconic Coats brand.

The Coats business has been sold to Victor Capital Partners, a private equity firm, for a sum of $72.5 million in an all-cash transaction.

This transaction is expected to result in significant net proceeds, which the company plans to deploy toward future debt reduction and share repurchases.

The President and Chief Executive Officer of Vontier Corporation, Mark Morelli, stated the net proceeds from this transaction will be used for future debt reduction and share repurchases.

The transaction was successfully closed on January 8, 2024.