Vontier Corporation - VNT STOCK NEWS

Vontier (NYSE: VNT) announced that Costco Wholesale has chosen Vontier's Invenco by GVR to provide advanced payment solutions for their 76 fueling sites across Canada. The rollout will begin in October 2024. The solution includes the FlexPay 6 Modular 15-inch outdoor payment terminal and iNFX microservices architecture, offering benefits such as over-the-air upgrades, enhanced security, and seamless integration capabilities.

This collaboration aims to enhance Costco's member experience with improved uptime, faster transaction speeds, and new communication methods at the pump. The distributed iNFX architecture allows outdoor payment terminals to function as standalone point-of-sale systems, eliminating single points of failure common in traditional fueling setups.

Gilbarco Veeder-Root (GVR), a Vontier company (NYSE: VNT), has secured a $27 million tender from Indian Oil (IOCL) for retail fuel dispensers and services. This follows a $59 million tender with Hindustan Petroleum (HPCL) announced last month. The IOCL deal includes $17 million in equipment and $10 million in services over eight years.

GVR will deliver products across IOCL's retail sites in India over the next 12 months. The company has been present in India since 1955 and operates a manufacturing facility in Coimbatore. Additionally, Invenco by GVR recently opened a software development center in Bengaluru, demonstrating Vontier's long-term commitment to the Indian market.

Vontier (NYSE: VNT) is accelerating the global launch of its Konect electric vehicle (EV) charging solution, aimed at helping convenience store owners capitalize on the growing demand for EV charging. Konect offers an end-to-end solution covering site selection, grant applications, installation, and technical support.

The EV market is experiencing rapid growth, with global sales predicted to reach over 11 million units in 2024 and double by the end of the decade. Konect, launched in May 2024, enables convenience stores to deploy their own chargers and create a new revenue stream. The solution combines technology from Vontier businesses, including Gilbarco Veeder-Root, Invenco by GVR, and Driivz.

Initially focused on North America and Europe, Vontier is exploring adjacent markets as interest expands. The company is developing a strong sales pipeline with major fuel retailers and fleet operators, with upcoming announcements expected.

Vontier (NYSE: VNT) announced that its portfolio company Driivz, a global EV charging software leader, has established a U.S. headquarters in Raleigh, North Carolina. Driivz, which operates in over 30 countries and manages 100,000 public chargers globally, aims to better support the maturation of U.S. EV charging infrastructure. The company's recently promoted Chief Product Officer, Oren Halevi, will join the new headquarters to support expansion in the North American market.

This move comes as North America reaches an inflection point in the energy transition, with the third year of the National Electric Vehicle Infrastructure (NEVI) Program providing $5 billion in federal funding for high-speed EV chargers. Driivz's software supports key industry players such as EVgo, Shell, and Volvo Group, enabling millions of EV-related events for drivers worldwide.

Vontier (NYSE: VNT), a global leader in mobility ecosystem technologies, will participate in Morgan Stanley's 12th Annual Laguna Conference. CEO Mark Morelli and CFO Anshooman Aga will join a fireside chat on September 11, 2024, at 6:45 p.m. ET. The discussion will be webcast live via Vontier’s Investor Relations section on their website.

Gilbarco Veeder-Root, a Vontier company (NYSE: VNT), has secured two tenders worth $59 million from Hindustan Petroleum (HPCL) in India. The tenders include $39 million for above-ground dispensers with eight years of service support, and $20 million for underground submersible turbine pumps. These projects will be delivered across HPCL's retail outlets in India over the next 18 months.

The partnership supports India's infrastructure growth, modernization, and decarbonization goals. Gilbarco Veeder-Root's technologies will contribute to India's multi-energy future, including support for biofuels. The company has been present in India since 1955 and has been a preferred supplier for HPCL for over 50 years. This deal aligns with India's ambitious 2030 decarbonization targets and COP26 commitments.

Vontier (NYSE: VNT), a global leader in mobility ecosystem technologies, has announced a regular quarterly cash dividend of $0.025 per share. The dividend is payable on September 26, 2024, to stockholders of record as of September 5, 2024. Vontier, which specializes in critical technologies for connecting, managing, and scaling the mobility ecosystem, plans to continue quarterly dividend payments. However, the company emphasizes that future dividends, including amounts, record dates, and payment dates, are subject to the Board of Directors' discretion.

Vontier's new survey reveals important insights into EV driver preferences, highlighting safety as a key factor in charging station choice. Nearly 80% of EV drivers would go out of their way for a safe charging location, while 67% prefer stations near shopping areas. The study underscores the importance of well-lit, secure, and conveniently located charging stations in accelerating EV adoption.

Vontier (NYSE: VNT), a global industrial technology company, is addressing these concerns by partnering with major convenience store chains to deploy safe and convenient charging infrastructure. Their portfolio company EVolve, which includes Driivz, manages over 85,000 charging ports globally. Gilbarco Veeder-Root's Konect solution offers a turnkey approach for convenience stores to integrate charging with existing services.

As states deploy NEVI Formula Program funds for fast-charging stations, Vontier aims to create charging options prioritizing driver safety and comfort, potentially increasing station utilization and profitability.

Vontier (NYSE: VNT) has announced a $100 million accelerated share repurchase (ASR) agreement with Goldman Sachs. This move is part of Vontier's existing $500 million share repurchase authorization, which had approximately $290 million remaining as of August 1, 2024. The ASR is expected to be settled during the third quarter of 2024, funded by available cash on-hand.

CEO Mark Morelli emphasized the company's commitment to unlocking shareholder value and confidence in Vontier's long-term strategic vision. After this ASR, Vontier will have about $190 million remaining in its current repurchase authorization. The company intends to continue repurchases to drive shareholder value, subject to various factors including market conditions.