SPX also said it will assume or refinance $876 million in United Dominion debt, bringing the total transaction value to $1.83 billion. The directors of both companies unanimously approved the agreement, according to an announcement from both companies.
United Dominion, a manufacturer of proprietary engineered products, will bring 18 businesses to SPX. SPX will then incorporate them into four segments: flow technology, industrial products and services, technical products and systems, and service solutions.
John Blystone, SPX chairman, president, and ceo, said the transaction “broadens and strengthens SPX’s portfolio of industrial and technical businesses and provides us with enhanced value-creation opportunities. Shareholders of both companies will benefit from this transaction, which provides us with greater critical mass, and a larger platform for increasing shareholder wealth.”
William W. Stinson, United Dominion’s Management Committee chairman, said that “United Dominion shareholders will own 23% of an expanded SPX with tremendous upside potential. I am excited that our shareholders and employees are becoming part of the SPX family.”
For more information, visit www. uniteddominion.com or www.spx .com (websites).
Publication date: 03/26/2001