“We are excited to announce the closing of the DRB acquisition and welcome the DRB team to Vontier,” said Mark Morelli, president and CEO of Vontier. “This is an important initial step towards diversifying the Vontier portfolio, enhancing our profitable growth profile, and accelerating our retail solutions strategy.”
The company noted in its statement it expects the group, which will operate as a standalone company, to generate about $170 million in revenue with mid-20% operating margins.
The nearly $1 billion deal was announced in July. DRB Systems is based in Ohio.
Vontier planned to hire or relocate about 100 employees to its company headquarters office in Raleigh, as of August 2020. The company currently lists 22 open jobs available in North Carolina on its careers website.