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Seeweekly news
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2005-12-05 |
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SPX Sells Three Valve Product Lines |
SPX Corporation today announced that it has completed the sale of three non-core valve product lines to Watts Water Technologies, Inc. The product lines were part of the company's Flow Technology segment and together have annual revenues of approximately $57 million.
"The Mueller Steam, Febco, and Polyjet product lines are all leading brand names in irrigation, fire protection, and other niche markets," said Don Canterna, President of SPX's Flow Technology segment. "While well positioned in their respective areas, these product lines lacked true synergy with the rest of the SPX Process Equipment platform, specifically in terms of channels and end users. As part of the Watts Water Technologies family of products, these product lines will have access to additional infrastructure and expertise, allowing them to continue to grow."
Mr. Canterna continued, "We are committed to grow the Flow Technology segment and the sale of these niche product lines will allow us to continue to focus on engineered products, servicing a broad cross-section of markets, including power, oil and gas, food/beverage, pharmaceutical and petrochemical."
In the third quarter of 2005, the company committed to a plan to divest these product lines. Based on the probable sale, the results of operations were reported as discontinued operations beginning in the third quarter.
Watts Water Technologies, Inc. designs, manufactures and sells an extensive line of valves and other products to the water quality and water regulation and control industries.
SPX Corporation is a leading global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services. For more information visit the company's web site at http://www.spx.com/.
Certain statements in this press release 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 words "believe," "expect," "anticipate," "estimate," "guidance," "target" 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. |
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