(RTTNews) - Vontier Corporation (VNT), an industrial technology products maker, said on Monday that it has sold its Global Traffic Technologies, LLC or GTT business to Miovision, a smart transportation solutions provider, for $107 million. The transaction was closed on April 14.
The company intends to utilize the net proceeds from divestment to reduce its debt and towards share repurchase.
GTT, which reported revenue of around $40 million for 2022, is a provider of intelligent traffic management systems and solutions, including the Opticom priority control system and Canoga traffic sensing systems.
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