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12/09/09 - SPX Subsidiary Completes Major Acquisition |
CHARLOTTE, N.C. - SPX Corporation (NYSE: SPW) announced that its SPX Heat Transfer Inc. subsidiary has completed an acquisition of substantially all the assets and certain liabilities of Yuba Heat Transfer LLC ("Yuba"), a leading global supplier of heat transfer equipment utilized by nuclear, solar, geothermal, gas and coal power generation facilities. The purchase price was approximately $125 million.
Based in Tulsa, Oklahoma, the company's feedwater heaters and condensers are sold under the Yuba and Ecolaire brands, and more than 10,000 Yuba heat transfer products have been installed at power generation facilities around the world.
Yuba's annual sales were approximately $125 million in 2008, with roughly 80 percent coming from the United States and the rest from developing markets such as India, the Middle East and South America. SPX expects the acquisition to be modestly accretive to earnings in 2010.
SPX first announced that its SPX Heat Transfer Inc. subsidiary had entered into a definitive agreement with Connell Limited Partnership and Yuba on November 3, 2009. SPX Heat Transfer Inc. will be reported as part of SPX's Thermal Equipment and Services segment.
SPX Thermal Equipment and Services is a leading provider of wet, dry and hybrid cooling towers, heat exchangers, air and flue gas systems and filter systems, utilized by thousands of power stations and plants in more than 60 countries across six continents. The segment's broad offering enables the maintaining, refurbishing, upgrading and modernizing of power stations, and includes a wide range of aftermarket services and solutions.
About SPX: SPX Corporation is a Fortune 500 multi-industry manufacturing leader. The company offers highly-specialized engineered solutions to solve critical problems for customers.
SPX is focused on providing solutions that support the expansion of global infrastructure, with particular emphasis on the growing worldwide demand for energy and power. Its innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; custom engineered process equipment that assists a variety of flow processes including food and beverage manufacturing, oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that regulate voltage for electrical transmission and distribution by utility companies.
SPX is headquartered in Charlotte, North Carolina and has employees in over 40 countries worldwide. Visit www.spx.com. (NYSE: SPW)
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