SPX Corporation Completes Acquisition of European Diagnostics Division of Johnson Controls
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CHARLOTTE, N.C., Aug. 31 -- SPX Corporation (NYSE:SPW) today announced it has completed the acquisition of the European diagnostics division of Johnson Controls. SPX first announced that it had entered into a definitive agreement to acquire the company on July 31, 2007.
SPX views this as an important strategic acquisition for its Service Solutions business. "We expect that the combined businesses will benefit from economies of scale in Europe, a well-established sales network across an expanded product portfolio, increased operating efficiencies and combined research and development efforts to accelerate growth," said David Kowalski, President of SPX Service Solutions.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many environmentally friendly products, includes cooling systems for all types of power plants throughout the world; custom engineered pumps, valves and mixers that assist a variety of flow processes including oil and gas exploration, distribution and refinement; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs more than 14,000 people worldwide in over 20 countries. Visit www.spx.com (NYSE:SPW).
Source: SPX Corporation
CONTACT: Media, Jennifer H. Epstein, +1-704-752-7403, jennifer.epstein@spx.com, both of SPX Corporation
Web site: www.spx.com/
