SPX Announces Sale of Air Filtration Business Unit
29 May 2008 - 11:45PM
PR Newswire (US)
CHARLOTTE, N.C., May 29 /PRNewswire-FirstCall/ -- SPX Corporation
(NYSE: SPW) today announced that it has entered into a definitive
agreement to sell its Air Filtration business unit. The company's
Air Filtration business unit was previously reported as a
discontinued operation at the end of the third quarter 2007. The
terms of the sale were not disclosed. The sale is subject to
customary closing conditions, including receipt of regulatory
approvals, and is expected to be completed by the end of the third
quarter 2008. TTK Partners served as advisor to SPX on the sale.
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/ . Certain statements in this press release,
including any statements as to the results or timetable of the
transaction, 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. 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. DATASOURCE: SPX Corporation CONTACT:
Investors: Jeremy W. Smeltser, +1-704-752-4478, ; Media: Jennifer
H. Epstein, +1-704-752-7403, , both of SPX Corporation Web site:
http://www.spx.com/
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