SPX sells municipal water, wastewater valve business
Charlotte, NC; St. Cloud, MN—SPX Corp. recently sold its municipal water and municipal wastewater valve business to Granite Equity Partners and affiliates for $29.75 million.
Charlotte, NC; St. Cloud, MN— SPX Corp. recently sold its municipal water and municipal wastewater valve business to Granite Equity Partners and affiliates for $29.75 million. Located in Sartell, MN, this water valve manufacturing facility and its related business generate approximately $60 million in revenue per year. SPX manufactures technical products and systems, industrial products and services, flow and cooling technologies and services, and service solutions.
'Completing the sale of this business allows us to reallocate our resources to the growth opportunities in our key served markets,” says Don Canterna, president of SPX Process Equipment. “This is a good business, but our growth strategy for our valve business is focused on global markets, where our Copes-Vulcan, Febco, Daniel Valve, DeZurik, and Mueller Steam Specialty brands are well-recognized and have opportunities to expand.'
Consequently, the company decided to divest this business in May 2004. Based on the expected sale, operating results for the valve business were reported as discontinued operations in 2004’s second quarter. This business was previously part of SPX’s Flow Technology segment.
Control Engineering Daily News Desk
Jim Montague, news editor