NBSC-SPX repositioning again-
DJ SPX Sells Material Handling Business>SPW
Dow Jones News Service ~ October 27, 2003 ~ 9:03 am EST
(MORE) Dow Jones Newswires
10-27-03 0903ET DJ SPX/Unit Sale -2: Business Has $50M In Revenue >SPW
CHARLOTTE (Dow Jones)--Technology company SPX Corp. (SPW) completed the sale of its material-handling subsidiary to Riverlake Partners LLC for an undisclosed sum.
Riverlake Partners LLC is a private equity buyout firm launched recently by Erik Krieger, former chairman of Pacific Crest Securities, and Jim Lawson, co- founder of Lincoln Partners LLC.
The SPX unit, called Stock Equipment, is a bulk material handling business with annual revenue of about $50 million. The sale includes the Stock, Solvera and Redler product lines, according to a press release Monday.
An SPX spokeswoman said the deal reflects the parent company's larger strategy of focusing on businesses where it can be number one or two in the market. She said the company couldn't offer Stock Equipment the support and resources it will need to achieve that.
On Oct. 14, SPX bought the test and measurement business of Thermo Electron Corp. (TMO) which it believes will complement its Ling Dynamic Systems segment.
Three days later subsidiary SPX Australia acquired the assets of Ziton Australia, Ziton Queensland and Intelligent Fire Systems.
SPX stock traded at $48.00, up 26 cents, or 0.5%, on the New York Stock Exchange, Monday morning.
-Ian Salisbury; Dow Jones Newswires; 201-938-5400
(END) Dow Jones Newswires
10-27-03 0955ET |
