SPX Receives U.S. Regulatory Approval on Sale of its Service Solutions Business to Robert Bosch GmbH
CHARLOTTE, N.C., Nov. 26, 2012 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that the U.S. Federal Trade Commission (FTC) has cleared the sale of SPX's Service Solutions business to Robert Bosch GmbH.
The FTC's approval marks satisfaction of the final regulatory obligation required to complete the transaction. The sale remains subject to the satisfaction of normal customary closing conditions.
SPX expects to close the sale by December 3, 2012.
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 18,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in three areas: Flow Technology, infrastructure, and vehicle service solutions. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity, processed foods and beverages and vehicle services, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, power transformers for utility companies, cooling systems for power plants; and diagnostic tools and equipment for the automotive industry. This description of SPX does not contemplate the pending sale of the Service Solutions business. For more information, please visit www.spx.com.
Certain statements in this press release, including any statements relating to consummation of the contemplated 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. The word "expect" and similar expressions may identify forward-looking statements. 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