SPX Corporation (“SPX”) (NYSE: SPXC) announced today that
it has completed the sale of SPX Transformer Solutions, Inc. to
GE-Prolec Transformers, Inc. (together with its affiliates, “Prolec
GE”), a subsidiary of a joint venture between GE (NYSE: GE) and
Xignux S.A. de C.V. The contract sale price of $645 million
includes assumed debt and is subject to a net working capital
adjustment and other typical adjustments. SPX anticipates paying
taxes on the gain from the sale during 2022.
Gene Lowe, President & CEO of SPX commented, “I am very
pleased with this mutually beneficial transaction. The sale of SPX
Transformer Solutions is a significant step in SPX’s value creation
journey that further focuses our strategy on our HVAC and Detection
& Measurement segments, while further strengthening Prolec GE’s
ability to support the growth and evolution of the grid throughout
the US and the Americas.”
Mr. Lowe continued, “By concentrating our capital and management
resources on SPX’s technology-focused, high-margin, niche
platforms, we can further accelerate our strategic initiatives to
drive significant value for shareholders, and create additional
opportunities for employees and customers.”
Ricardo Suarez, CEO of Prolec GE, commented, “We are delighted
to welcome the SPX Transformer Solutions team to the Prolec GE
family. The combined talent and technical expertise of our two
great teams will make us an even better partner to our customers
and enable us to better support the evolution of the electric grid
in the US and the rest of the Americas. As always, we remain
committed to delivering high quality, reliable products and
services and an exceptional customer experience.”
SPX Corporation was represented by K&L Gates LLP as legal
adviser, and by J.P. Morgan Securities LLC as exclusive financial
adviser. Prolec GE was represented by Sidley Austin LLP as legal
advisor, UBS Investment Bank as lead financial advisor and
Scotiabank Inverlat as financial advisor.
About SPX Corporation: SPX Corporation is a
supplier of highly engineered products and technologies, holding
leadership positions in the HVAC and detection and measurement
markets. Based in Charlotte, North Carolina, SPX Corporation had
more than 4,000 employees in 15 countries. SPX Corporation is
listed on the New York Stock Exchange under the ticker symbol
“SPXC.” For more information, please visit www.spx.com. References
in this press release to “we” and “our,” other than in Mr. Suarez’s
comments, are to SPX Corporation. www.spx.com
About Xignux: Xignux is a Mexico-based company
dedicated to the energy and food industries with sales in more than
40 countries. Xignux was founded 65 years ago and now employs more
than 28,000 people in five countries. Xignux manages companies that
energize life and society to contribute to a better world.
www.xignux.com
About GE: GE (NYSE:GE)
drives the world forward by tackling its biggest challenges. By
combining world-class engineering with software and analytics, GE
helps the world work more efficiently, reliably, and safely. For
more than 125 years, GE has invented the future of industry, and
today it leads new paradigms in additive manufacturing, materials
science, and data analytics. GE people are global, diverse and
dedicated, operating with the highest integrity and passion to
fulfill GE’s mission and deliver for our customers. www.ge.com
About Prolec GE: Prolec GE designs and
provides solutions for the generation, transmission, and
distribution of electrical energy. With more than 50 years’
experience in the industry, Prolec GE is an important player in the
Americas with business units in Mexico, the United States, and
Brazil. It has an installed base in more than 35 countries and
employs more than 8,000 people. www.prolec.energy
Forward-looking Statements.
Certain statements in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and are subject to the safe harbor created
thereby. In addition to statements with respect to the future pace
of our strategic initiatives, the words “believe,” “expect,”
“anticipate,” “project” and similar expressions identify our other
forward-looking statements. Please read these forward-looking
statements in conjunction with our documents filed with the
Securities and Exchange Commission, including our most recent
annual report on Form 10-K and quarterly report on Form 10-Q. These
filings identify important risk factors and other uncertainties
that could cause actual results to differ from those contained in
the forward-looking statements, including the following: the impact
of the COVID-19 pandemic and governmental and other actions taken
in response; the uncertainty of claims resolution with respect to
the large power projects in South Africa, as well as claims with
respect to asbestos, environmental and other contingent
liabilities; cyclical changes and specific industry events in our
markets; changes in anticipated capital investment and maintenance
expenditures by customers; availability, limitations or cost
increases of raw materials and/or commodities that cannot be
recovered in product pricing; the impact of competition on profit
margins and our ability to maintain or increase market share;
inadequate performance by third-party suppliers and subcontractors
for outsourced products, components and services; cyber-security
risks; risks with respect to the protection of intellectual
property, including with respect to our digitalization initiatives;
the impact of overruns, inflation and the incurrence of delays with
respect to long-term fixed-price contracts; defects or errors in
current or planned products; domestic economic, political, legal,
accounting and business developments adversely affecting our
business, including regulatory changes; changes in worldwide
economic conditions; uncertainties with respect to our ability to
identify acceptable acquisition targets; uncertainties surrounding
timing and successful completion of any acquisition transactions;
uncertainties with respect to integrating acquisitions and
achieving cost savings or other benefits from acquisitions; the
impact of retained liabilities of disposed businesses; potential
labor disputes; uncertainties with respect to the amount of working
capital and other adjustments affecting the consideration
ultimately received in the sale of SPX Transformer Solutions, Inc.,
and extreme weather conditions and natural and other disasters.
Actual results may differ materially from these
statements. Although SPX believes that the expectations reflected
in its forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
Statements in this press release speak only as
of the date of this press release, and SPX disclaims any
responsibility to update or revise such statements except as may be
required by law.
Investor and Media Contacts:Paul Clegg, VP,
Investor Relations and CommunicationsPhone: 980-474-3806E-mail:
spx.investor@spx.com
Nick Illuminati, Manager, Investor RelationsPhone:
980-474-3806E-mail: spx.investor@spx.com
Source: SPX Corporation
Grafico Azioni GE Aerospace (NYSE:GE)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni GE Aerospace (NYSE:GE)
Storico
Da Apr 2023 a Apr 2024