SPX Service Solutions to Acquire Matra-Werke GmbH
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Acquisition Will Expand Global Distribution Capabilities to Support European Vehicle Manufacturers
CHARLOTTE, N.C., Aug. 29 / -- SPX (NYSE:SPW) Service Solutions today announced it has entered into a definitive agreement to acquire Matra-Werke GmbH, a wholly owned subsidiary of KION Group GmbH located in Wiesbaden, Germany. Matra will be operated as a part of SPX Service Solutions' CarTool subsidiary.
The transaction is subject to certain regulatory approvals and customary closing conditions.
Matra focuses on the distribution of vehicle repair tools and the assembly of hydraulic presses used for vehicle operations, including the maintenance of large trucks. The transaction is expected to be completed in the fourth quarter of 2007.
"This acquisition, which further enhances our capabilities to support European vehicle manufacturers, is consistent with our CarTool acquisition two years ago and our recently announced plans to acquire the Johnson Controls European diagnostics division," said David Kowalski, President of SPX Service Solutions.
"As SPX Service Solutions continues to grow in Europe and expand into the Asian markets, we will be equipped to provide special tools to service and repair vehicles, to extend and enhance our distribution capabilities and to expand our engineering expertise," he added.
Matra had 2006 revenues of approximately $26 million. KION Group GmbH, with annual revenues of over 4 billion euros, is a leading manufacturer of forklift and warehouse trucks.
SPX Service Solutions, a business unit of SPX Corporation, 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.
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).
FCMN Contact: jennifer.epstein@spx.com
Source: SPX Corporation
CONTACT:Investors, Jeremy W. Smeltser, +1-704-752-4478, investor@spx.com, or Media, Jennifer H. Epstein, +1-704-752-7403, jennifer.epstein@spx.com, both of SPX Corporation
Web site: www.spx.com/
