CHARLOTTE, N.C. — SPX Corp. announced an agreement for the sale of its Dry Cooling business to Paharpur Cooling Towers Limited. The purchase price is estimated to be approximately $48 million, subject to adjustments for working capital at closing. The transaction is expected to be finalized during the first half of 2016 and is subject to the receipt of certain regulatory approvals. The transaction does not include SPX’s South African subsidiary, DBT Technologies (Pty) Ltd. Other terms of the transaction were not disclosed.

The Dry Cooling business, which is headquartered in Brussels with facilities in China and the United States, accounts for approximately 10 percent of the revenues of SPX’s Power Segment. This business also includes SPX’s ownership interest in its joint venture with Shanghai Electric. The company said the anticipated sale proceeds will provide it with a greater ability to deploy capital in accordance with its stated capital allocation policy. Until the sale is completed the results of Dry Cooling will remain in the company’s continuing operations.