SPX is buying to, but not in bio supplies. This is small fry for them. M & A is starting to pick up with cheap borrowing and higher stock prices. NBSC still the best fit for them in time -IMO of course.
SPX Corporation Acquires GenMech Aerospace
PR Newswire ~ June 25, 2003 ~ 7:09 am EST
Builds On Its Aerospace Capabilities at Fenn Manufacturing
CHARLOTTE, N.C., June 25 /PRNewswire-FirstCall/ -- SPX Corporation (NYSE: SPW) today announced that it has acquired GenMech Aerospace of Farmingdale, New York. GenMech has annual revenues of approximately $14 million and specializes in the manufacture and overhaul of flight critical rotorhead components for helicopters and structural components for fixed and rotary wing aircraft.
SPX will integrate GenMech with its Fenn Manufacturing business to expand its capabilities in aerospace critical parts for military and commercial customers. Fenn Manufacturing, based in Newington, Connecticut, is a supplier of precision machined components for the aerospace industry including "critical use" parts for military rotorcraft.
Gary Wolff, President of Fenn Manufacturing said, "GenMech's strong product reputation and excellent customer base will expand our aerospace component product offerings and add new machining capabilities, particularly in structural components. Fenn was recently awarded new contracts by the Navy and Army and we believe GenMech's expertise will assist us in developing new growth opportunities with the Department of Defense."
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation's home page is www.spx.com .
/CONTACT: Jeremy Smeltser of SPX Corporation, +1-704-752-4478, Email: investor@spx.com / |
