SPX Corp. Closes Sale of Service Solutions; Sees Proceeds ~$1B
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.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.