USA, North Carolina: SPX Corporation announced that it has entered into an agreement for the sale of its European power generation business to Mutares AG, a German-based publicly traded industrial holding company. The closing of the transaction is expected to occur by December 31, 2016, SPX announced in a statement.
“With the completion of this transaction, and the earlier sale of our Dry Cooling business, SPX will substantially complete the transformation of the power segment, leaving the company with three strong platforms to continue executing on our growth strategy,” said Gene Lowe, President and CEO.
The company’s Waukesha transformer business accounts for about $400 million of what is left. That business will not be up for sale.
“Transformers we really like, I think that’s the core of that segment,” Lowe told analysts at the Credit Suisse Industrials Conference, reports