Ralliant Corp., which was spun off from Everett, Washington-based Fortive last month, will make Ralegh its headquarters and invest $2.1 million and create 180 jobs. It will also help in the retention of 260 other jobs, according to state officials.
Ralliant will become an independent public company following its planned separation from Fortive early in the third quarter. It was formed from Fortive’s Precision Technologies segment and owns industry-leading brands with approximately $2 billion in revenue. The company provides precision technologies that drive applications across test and measurement, specialty sensors, and aerospace, defense, and space subsystems.
“Raleigh is an ideal location with its strong high-tech research presence, top universities, skilled workforce, and proximity to our operating companies,” said CEO Tami Newcombe said in a release. “We are excited to build our future here — driving breakthroughs, empowering progress and shaping what’s next.”
Average salaries for the new jobs will be $189,479 a year, compared with the current average wage in Wake County of $76,643, according to a release.
The state is providing a Job Development Investment Grant of $3.3 million spread over 12 years to help facilitate Ralliant’s move. Wake County will provide an additional $107,771 in local incentives. State and local incentive payments only occur following verification the company has hit investment and job creation targets. The state projects its return on investment of public dollars at 195%, meaning for every dollar of potential cost, the state receives $2.95 in state revenue.
Ralliant will comprise six operating companies: Tektronix, PacSci, Dynapar, Qualitrol, Anderson Instrument, and Setra Systems.
Ralliant had narrowed its choice of headquarters to Beaverton, Oregon, and Wake County. North Carolina’s lower labor costs combined with a strong workforce pool in key positions provided the company fewer hiring challenges. Other considerations include real estate availability to accommodate future growth, infrastructure readiness and incentives, according to paperwork associated with the state grant.
Ralliant is the latest corporate turn in a complicated corporate history. Danaher Corp. was a Washington, D.C.-area-based industrial conglomerate that spun off Fortive in July 2016, and it immediately became part of the S&P 500.
In September 2019, Fortive said it would split into two groups, including a new company based in Raleigh called Vontier, whose holdings included Greensboro-based Gilbarco Veeder Root, a leading maker of convenience store gas pumps. Because of the pandemic, the split never occured, but Fortive spun off Vontier to its shareholders in October 2020.
Vontier had nearly $3 billion in revenue last year. Its stock is trading for about $33, virtually unchanged from its January 2021 price when it became an independent company.