CHARLOTTE, N.C., Dec. 16, 2010 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that its SPX Service Solutions business unit is strengthening an alliance with Launch Tech Company Limited of China, a global player in the automotive aftermarket.
SPX recently purchased additional shares in the company, expanding its minority equity position to approximately 7 percent. This month David Kowalski, SPX segment president, met in Shenzhen, China, with Louis Liu, Chairman of Launch Tech and Charles Liu, CEO of Launch Tech, regarding additional project development under the cooperation agreement between the two companies.
In July, SPX announced that its SPX Service Solutions business unit had entered into a framework agreement for a strategic alliance with Launch Tech. That agreement calls for the evaluation of global co-marketing programs and distribution networks. Nina Liu, Managing Director of SPX Asia Pacific, was elected as a member of the Board of Directors of Launch Tech in October 2010.
Founded in 1992, Launch Tech manufactures and markets a wide range of automotive aftermarket equipment and service solutions for repair centers and currently serves 400 distributors in 60 countries. In 2009, the company reported $68 million in revenues, with approximately 50 percent of those sales generated in China, where it is a leading provider of aftermarket diagnostic tools. Launch Tech, in addition to its positions in Europe and North America, also has a leading presence in many other key emerging regions of the world.
SPX Service Solutions, headquartered in Warren, Michigan and with offices around the world, designs, manufactures and markets a fully integrated family of global brands providing special service tools, advanced diagnostic and shop equipment and technical information for vehicle servicing and maintenance. For more information, please visit www.servicesolutions.spx.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 http://www.spx.com/.
Certain statements in this press release including any statements relating to any results of the alliance, 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