SPX Corporation Completes Acquisition of APV
"The acquisition of APV greatly enhances our process equipment operationsserving key markets around the world, particularly in Europe and AsiaPacific," said Chris Kearney, Chairman, President and CEO of SPX. "With APV'sbroad spectrum of proven process solutions, rich heritage of innovation andwealth of engineering expertise, we are better positioned than ever tocapitalize on the growing global demand for flow technology products andsolutions," he added.
APV was previously a division of Invensys PLC, an international industrialautomation, transportation and controls group headquartered in London. APV'sprimary products include pumps, valves, heat exchangers and homogenizers forthe food, dairy, beverage and pharmaceutical industries.
SPX first announced that it had entered into a definitive agreement toacquire APV on October 31. APV will be operated as part of SPX's flowtechnology segment.
SPX Corporation is a Fortune 500 multi-industry manufacturing leader. Thecompany offers highly-specialized engineered solutions to solve criticalproblems for customers.
SPX is focused on providing solutions that support the expansion of globalinfrastructure, with particular emphasis on the growing worldwide demand forenergy and power. Its innovative product portfolio, containing manyenvironmentally friendly products, includes cooling systems for all types ofpower plants throughout the world; custom engineered pumps, valves and mixersthat assist a variety of flow processes including oil and gas exploration,distribution and refinement; handheld diagnostic tools that aid in vehiclemaintenance and repair, and power transformers that regulate voltage forelectrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and employs over 17,000people worldwide in over 30 countries. Visit www.spx.com . (NYSE: SPW)
Certain statements in this press release, including any statements as tothe results of the transaction, benefits and synergies of the proposedtransaction, and future results of operations or market opportunities, may beforward-looking statements within the meaning of Section 21E of the SecuritiesExchange Act of 1934, as amended, and are subject to the safe harbor createdthereby. Please refer to our public filings for a discussion of certainimportant factors that relate to forward-looking statements contained in thispress release. Other risks include difficulties in integrating APV'sbusinesses or in achieving synergies and failure to achieve anticipatedfinancial results from the transaction. Although the company believes that theexpectations reflected in its forward-looking statements are reasonable, itcan give no assurance that such expectations will prove to be correct.Statements in the press release speak only as of the date of this pressrelease, and SPX disclaims any responsibility to update or revise suchstatements.
SOURCE SPX Corporation
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