SPX Completes Sale of Service Solutions Business to Robert Bosch
GmbH for Approximately $1.15 Billion
CHARLOTTE, N.C., Dec. 3,
2012 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today
announced that it has completed the sale of its SPX Service
Solutions business to Robert Bosch GmbH for approximately
$1.15 billion, subject to working
capital adjustments. The expected net proceeds of the
acquisition are approximately $1
billion. SPX Corporation has reported this business unit as
a discontinued operation since the first quarter of 2012.
With the divestiture of SPX Service Solutions, SPX has exited
its roots in the automotive industry in order to focus on growing
the company's Flow Technology segment.
"On behalf of our Board of Directors and senior management team,
I would like to again thank everyone at SPX Service Solutions for
their many years of service and dedication, and take this
opportunity to wish them all much future success under their new
ownership," said Christopher J.
Kearney, Chairman, President and Chief Executive Officer of
SPX. "Moving forward, our Flow Technology segment will serve
as the company's foundation and core growth engine, and our efforts
will be focused on continuing to expand our presence in the global
food and beverage, oil and gas and industrial markets."
About SPX
Based in Charlotte, North
Carolina, SPX Corporation (NYSE: SPW) is a global Fortune
500 multi-industry manufacturing leader with over $5 billion in annual revenue, operations in more
than 35 countries and over 15,000 employees. The company's
highly-specialized, engineered products and technologies are
concentrated in Flow Technology and energy infrastructure.
Many of SPX's innovative solutions are playing a role in helping to
meet rising global demand for electricity and processed foods and
beverages, particularly in emerging markets. The company's
products include food processing systems for the food and beverage
industry, power transformers for utility companies, and cooling
systems for power plants. For more information, please visit
www.spx.com.
SOURCE SPX Corporation