CHARLOTTE, N.C., Dec. 30, 2016 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) today announced that it has completed the sale of its European Power Generation business to a wholly owned subsidiary of mutares AG, a German-based publicly traded industrial holding company. SPX anticipates that the transaction will qualify for discontinued operations presentation in our full-year 2016 financial statements.
“The closing of the sale of Balcke-Dürr marks an important milestone along our value creation roadmap and positions the company to further strengthen our focus on growth,” said Gene Lowe, President and CEO. “This is the latest in a series of actions that we have taken to reposition our Power segment and our company by exiting or restructuring businesses that did not have a clear path to drive shareholder value and masked our true earnings power. As we enter 2017 we remain focused on initiatives to further enhance operational performance and are increasing our efforts to drive both organic and inorganic growth within our strategic platforms.”
About SPX Corporation: Based in Charlotte, North Carolina, SPX Corporation is a leading supplier of highly engineered HVAC products, detection and measurement technologies and power equipment. With operations in about 20 countries, SPX Corporation had approximately $1.7 billion in annual revenue in 2015 and approximately 6,000 employees worldwide. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
About mutares AG: Based in Munich, Germany, mutares AG is an industrial holding company acquiring companies that are being sold in the course of a repositioning process at their owners and that show a clear operational improvement potential. Getting engaged with its own teams, mutares actively supports its portfolio companies to achieve a clear value increase. The focus of the operational work is to ensure sustainable, long-term growth. The shares of mutares AG are listed on the Frankfurt Stock Exchange under the ticker symbol “MUX” (ISIN: DE000A0SMSH2). For more information, please visit www.mutares.com.
