CHARLOTTE, N.C., Dec. 31 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that it completed the acquisition of APV, a
global manufacturer of process equipment and engineered solutions primarily
for the sanitary market.
"The acquisition of APV greatly enhances our process equipment
operations serving key markets around the world, particularly in Europe and
Asia Pacific," said Chris Kearney, Chairman, President and CEO of SPX.
"With APV's broad spectrum of proven process solutions, rich heritage of
innovation and wealth of engineering expertise, we are better positioned
than ever to capitalize on the growing global demand for flow technology
products and solutions," he added.
APV was previously a division of Invensys PLC, an international
industrial automation, transportation and controls group headquartered in
London. APV's primary products include pumps, valves, heat exchangers and
homogenizers for the food, dairy, beverage and pharmaceutical industries.
SPX first announced that it had entered into a definitive agreement to
acquire APV on October 31. APV will be operated as part of SPX's flow
technology segment.
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 all
types of power plants throughout the world; custom engineered pumps, valves
and mixers that assist a variety of flow processes including oil and gas
exploration, distribution and refinement; 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 over
17,000 people worldwide in over 30 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 APV's businesses 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:
Investors, Jeremy W. Smeltser,
+1-704-752-4478, investor@spx.com, or Media, Jennifer H. Epstein,
+1-704-752-7403, jennifer.epstein@spx.com, both of SPX
Corporation
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