Diversified manufacturer SPX Corp. said today it plans to sell its Contech auto-components unit in a $146 million cash deal, as part of its move away from basic industrial components.
SPX said it expected the sale to Marathon Automotive Group LLC, a company formed by Marathon Asset Management LLC, to close in the second quarter. Contech, based in Portage, Mich., has annual revenue of about $300 million and was reported as a discontinued operation at the end of the third quarter, SPX said in a statement.
SPX last year reported net revenue of $4.31 billion.
The Charlotte, N.C.-based maker of fluid-handling products, automotive diagnostic tools and cooling towers said it will put most of the proceeds of the deal toward repurchasing its shares.
Gasgoo not only offers timely news and profound insight about China auto industry, but also help with business connection and expansion for suppliers and purchasers via multiple channels and methods.
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: khoahocxaydung.info.