CHARLOTTE, N.C., PRNewswire-FirstCall/ -- SPX Corporation today announced that it has completed the sale of its Contech business unit to Marathon Automotive Group, LLC, a company formed by Marathon Asset Management, LLC, for approximately $146 million in cash. Contech, based in Portage, Michigan, has annual revenues of approximately $300 million.
Chris Kearney, President and CEO of SPX Corporation said, "The sale of Contech is a natural progression in our strategy of focusing our resources on our flow technology, test and measurement and thermal equipment and services businesses."
Contech was reported as a discontinued operation at the end of the third quarter of 2006. On March 7, 2007, SPX announced that it had entered a definitive agreement to sell Contech. SPX expects to use the majority of the proceeds to repurchase company shares.
Contech is a North American market leader of highly engineered, geometrically complex, light-weight cast component solutions for the automotive and light truck markets, and offers a wide variety of die cast process technologies in the industry and produces a full range of "thick wall" and "thin wall" cast components. In addition to its leadership position in cast products, Contech also manufactures steel forged automotive components and steel tube fabrications.
SPX Corporation is a leading global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services. For more information visit the company's web site at www.spx.com.
Certain statements in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. The words "believe," "expect," "anticipate," "estimate," "guidance," "target" and similar expressions identify forward-looking statements. Although the company 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.
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