CHARLOTTE, N.C., April 11, 2014 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced it has completed the sale of its Precision Components business to RFE Investment Partners and 24/6 Capital Partners for approximately $62 million.
Precision Components is an aerospace and defense manufacturer that provides highly engineered components and other critical parts to military and civilian aircraft programs.
In SPX's most recent financial filings, the results of Precision Components were reported as discontinued operations for all periods presented. The business's results had previously been reported in the Industrial Products and Services and Other segment.
Loop Capital Markets LLC acted as a financial advisor to SPX on the transaction.
Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with approximately $5 billion in annual revenue, operations in more than 35 countries and over 14,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in Flow Technology and energy infrastructure. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity and processed foods and beverages, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, critical Flow components for oil and gas processing, power transformers for utility companies, and cooling systems for power plants. For more information, please visit www.spx.com.
Certain statements in this press release, including any statements related to the consummation of the transaction, are 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 read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The word "expects" and similar expressions 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. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this 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