CHARLOTTE, N.C., June 18 /PRNewswire-FirstCall/ -- SPX Corporation (NYSE: SPW) today announced that its Flow Technology segment has entered into a definitive agreement with Anhydro A/S and Anhydro Holding A/S to acquire the Anhydro business, a Soeborg, Denmark-based global supplier of liquid concentration equipment, powder processing solutions, and dewatering plants and equipment. The terms of the acquisition were not disclosed, and completion of the transaction is expected by the end of the third quarter 2010, subject to customary closing conditions and regulatory approvals.
"Our process equipment business continues to be a key component of our growth strategy and this acquisition helps strengthen our global food, pharmaceutical and processing technology equipment offerings and systems capabilities," said SPX Chairman, President and Chief Executive Officer Christopher J. Kearney. "The addition of Anhydro's dry processing technology broadens our current systems capabilities beyond liquid applications, allowing us to further enhance our competencies in delivering comprehensive processing solutions to our customers."
This transaction includes all of Anhydro's business units with the exception of its Danish Filter business, Simatek A/S, and its German, U.K., and U.S. operations, as well as certain individual projects. The acquired business units employ 225 employees and are expected to generate 2010 full year revenue of approximately 85 million Euros.
The purchase of Anhydro is the second strategic acquisition for SPX's Flow Technology segment this year. In January, the company announced the acquisition of Denmark-based Gerstenberg Schroder, a prominent designer, manufacturer, installer and service provider of processing systems and components for the global food industry.
"Despite the global recession, our business continues to achieve positive momentum, and we recently won our largest order in the company's history, as well as a number of other major contracts," noted Jens Logstrup, CEO of Anhydro. "We believe now is the opportune time to begin a new chapter in Anhydro's evolution. Moreover, we see SPX's broad portfolio of processing equipment and solutions as a natural fit with our product offerings, and are confident that SPX Corporation's expanding global reach will further enhance our prospects for future growth."
Anhydro supplies a complete range of evaporation and drying solutions for dairy, food, and starch producers and for the chemical and pharmaceutical industries worldwide. The company's focus on flexibility and individual customer needs secure optimal results in every link of the value chain. Anhydro is a strategic partner to leading producers all over the world. Through close cooperation with its customers, Anhydro drives the development of innovative concepts and optimization of existing processes, which enables customers to develop and introduce new products quickly and cost efficiently. More information can be found at www.anhydro.com.
SPX Corporation (NYSE: SPW) is a Fortune 500 multi-industry manufacturing leader that provides its customers with highly-specialized, engineered solutions to solve critical business issues.
SPX products and technologies play an important role in the expansion of global infrastructure to help meet increased demand for power and energy and support many different sources of power generation, including coal and natural gas, nuclear, solar and geothermal. The company's innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; highly advanced food processing components and turnkey, scalable systems serving the global food and beverage industry; process equipment that assists a variety of flow processes including oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that allow utility companies to regulate electric voltage, transmission and distribution.
With headquarters in Charlotte, North Carolina, SPX has 15,000 employees in more than 35 countries worldwide. Visit www.spx.com.
Certain statements in this press release including any statements relating to consummation of the contemplated transaction or post- acquisition results, 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," "believe" 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