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CHARLOTTE, NC -- SPX Corporation today announced that it has completed the sale of its municipal water and municipal wastewater valve business to St. Cloud, Minnesota-based Granite Equity Partners and its affiliates for $29.75 million. The water valve and related business has annual estimated revenues of $60 million.
Don Canterna, President of SPX Process Equipment said, "Completing the sale of this business allows us to reallocate our resources to the growth opportunities in our key served markets. This is a good business, however our growth strategy for our valve business is focused on those global markets where our Copes-Vulcan, Febco, Daniel Valve, DeZurik and Mueller Steam Specialty brands are well-recognized and have opportunities to expand."
In May 2004, the company committed to a plan to divest this business. Based on the probable sale, the results of operations were reported as discontinued operations in the second quarter. This business, based in Sartell, Minnesota, was previously part of the company's Flow Technology segment.
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology, cooling technologies and services, and service solutions. The Internet address for SPX Corporation's home page is www.spx.com.
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