Company Will Broaden Product Portfolio and Service Capabilities in Asia
Pacific
SHANGHAI, China, Sept. 2 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that its Service Solutions business unit has
completed its acquisition of AUTOBOSS Tech, Inc., a Shenzhen, China-based
manufacturer of diagnostic tools and equipment serving China's fast growing
vehicle maintenance and repair market.
"This investment further underscores our commitment to accelerate
growth and expand our business in strategic markets, China in particular,"
said David J. Wilson, President of SPX Service Solutions, Asia Pacific.
"The leaders of AUTOBOSS have developed an outstanding brand that we will
leverage to expand our aftermarket business in China and across the region.
We are pleased the leadership team has committed to continue working with
us.
"AUTOBOSS broadens our product portfolio, adds extensive channel
coverage and gives our global engineering team a great opportunity to
accelerate the development of our next generation diagnostics tools,"
Wilson added.
"It was a pleasure to work with SPX on this transaction," said David
Wen, former President of AUTOBOSS. "I am very pleased to know that the
company I created will be run under SPX's capable leadership and that my
former employees will have solid career opportunities ahead of them."
"My team can now fulfill their vision to become the premier service
solutions provider in the region," added Wen, who has agreed to remain on
as a consultant to SPX.
The terms of the transaction were not disclosed.
SPX Service Solutions, a business unit of SPX headquartered in
Southfield, Michigan and with offices around the world, designs,
manufactures and markets a fully integrated family of global brands
providing special service tools, advanced diagnostic and shop equipment and
technical information for vehicle servicing and maintenance.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader.
The company offers highly-specialized engineered solutions to solve
critical problems for customers.
SPX is focused on providing solutions that support the expansion of
global infrastructure, with particular emphasis on the growing worldwide
demand for energy and power. Its innovative product portfolio, containing
many environmentally friendly products, includes cooling systems for power
plants throughout the world; custom engineered process equipment that
assists a variety of flow processes including food and beverage
manufacturing, oil and gas exploration, distribution and refinement and
power generation; handheld diagnostic tools that aid in vehicle maintenance
and repair; and power transformers that regulate voltage for electrical
transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than
17,000 people worldwide in over 35 countries. Visit http://www.spx.com . (NYSE:
SPW)
Certain statements in this press release, including any statements as
to the results of the transaction, benefits and synergies of the proposed
transaction, and future results of operations or market opportunities, may
be forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the safe
harbor created thereby. Please refer to our public filings for a discussion
of certain important factors that relate to forward-looking statements
contained in this press release. Other risks include difficulties in
integrating the business or in achieving synergies and failure to achieve
anticipated financial results from the transaction. Although the company
believes that the expectations reflected in its forward-looking statements
are reasonable, it can give no assurance that such expectations will prove
to be correct. Statements in the press release speak only as of the date of
this press release, and SPX disclaims any responsibility to update or
revise such statements.
SOURCE SPX Corporation
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Related links:
http://www.spx.com
CONTACT:
Jeremy W. Smeltser (Investors),
+1-704-752-4478, investor@spx.com, or Jennifer H. Epstein
(Media), +1-704-752-7403, jennifer.epstein@spx.com
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