SPX Completes Acquisition of Teradyne Diagnostics Solutions
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CHARLOTTE, N.C., March 22, 2011 - SPX Corporation (NYSE: SPW) today announced that it has completed the acquisition of Teradyne Diagnostics Solutions, a global supplier of diagnostic solutions for transportation OEMs and automotive dealerships. The terms of the transaction were not disclosed.
Teradyne Diagnostics Solutions, based in Manchester, U.K., supplies automotive diagnostic solutions to transportation OEMs, dealerships, tier-one suppliers and independent service providers. The transaction includes operations in Manchester, Brussels, Munich, Detroit and Tokyo. The acquired business employs about 200 employees and generated approximately $40 million in revenue in 2010.
SPX first announced that it had entered into a definitive agreement to acquire Teradyne Diagnostics Solutions on Feb. 16, 2011. Teradyne Diagnostics Solutions will operate within SPX's Test and Measurement segment.
About SPX
Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with nearly $5 billion in annual revenue, operations in more than 35 countries and approximately 15,500 employees. The company's highly-specialized, engineered products and technologies serve customers in three primary strategic growth markets: infrastructure, process equipment and diagnostic tools. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand, particularly in emerging markets, for electricity, processed foods and beverages and vehicle services. The company's products include thermal heat transfer equipment for power plants; power transformers for utility companies; process equipment for the food & beverage industry; and diagnostic tools and equipment for the vehicle service industry. For more information, please visit www.spx.com/.
SOURCE SPX Corporation
CONTACT: Investors: Ryan Taylor, +1-704-752-4486, investor@spx.com; or Media: Jennifer H. Epstein, +1-704-752-7403 or +1-704-804-3717, jennifer.epstein@spx.com
Web Site: www.spx.com
