SPX CORPORATION (NYSE:SPXC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.
Company) subsidiaries completed the previously announced sale of
SPXs Balcke-Drr businesses, a group within SPXs Power Reportable
Segment (Balcke-Drr), to a subsidiary of mutares AG. Mutares AG
is a German-based publically traded industrial holding company.
Technologies Leipzig GmbH, a company organized in Germany, Marley
Cooling Tower (Holdings) Limited, a company organized in the
United Kingdom, and SPX Mauritius Ltd., a company organized in
Mauritius (collectively, the Sellers, and each a Seller), and
mutares Holding-24 AG, a company organized in Germany
(Purchaser), and, as parent guarantor, mutares AG, a company
organized in Germany (mutares), the Sellers transferred the
equity interests of the various subsidiaries comprising
Balcke-Drr to Purchaser on a debt-free basis in exchange for 5
cash at closing. In addition, Sellers provided a non-interest
bearing loan of 8.8 million to Purchaser, payable in installments
due at years end 2018 and 2019, and left approximately 20 million
of cash and sufficient working capital (subject to a working
capital adjustment) within Balcke-Drr to support ongoing
operations and implementation of the Purchasers strategic plan.
Finally, the parties agreed to an earn-out arrangement whereby
Purchaser will pay a percentage of free cash flow of Balcke-Drr,
up to 5 million, beginning in 2020.
completion of the sale is included as Exhibit 99.1 hereto and is
incorporated by reference.
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Exhibit Number
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Description
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99.1
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Press Release of SPX Corporation, dated December 30,
2016 |
About SPX CORPORATION (NYSE:SPXC)
SPX Corporation is a diversified, global supplier of infrastructure equipment. The Company operates through three segments: heating, ventilation and air conditioning (HVAC); Detection and Measurement, and Power. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. Its heating and ventilation products are sold under the Berko, Qmark, Farenheat, and Leading Edge brands, while its Marley-Wylain subsidiary sells Weil-McLain and Williamson-Thermoflo brands. Its power products are sold under the brand names of SPX Cooling, Marley, Balcke Duerr, Yuba and Ecolaire. SPX CORPORATION (NYSE:SPXC) Recent Trading Information
SPX CORPORATION (NYSE:SPXC) closed its last trading session down -0.05 at 23.77 with 186,398 shares trading hands.
