CHARLOTTE, N.C., Oct. 24 /PRNewswire-FirstCall/ -- SPX Corporation today announced that it has completed the sale of its Dock Products business to management of Dock Products and an affiliate of Wynnchurch Capital, Ltd. SPX Dock Products, based in Carrollton, Texas, has annual revenues of approximately $150 million.
Chris Kearney, President and CEO of SPX Corporation said, "The sale of Dock Products further streamlines the company structure. Our strategic focus for growth remains on our three core segments, flow technology, test and measurement, and thermal equipment and services."
In the second quarter of 2006, SPX committed to a plan to divest the Dock Products business. Based on the probable sale, the results of operations were reported as discontinued operations beginning in the second quarter.
Dock Products is a leading North American manufacturer of truck and rail loading dock equipment. The company supplies mechanical, air-powered, hydraulic and vertical storing dock levelers; trailer restraints; dock seals and shelters; industrial lift products; impact resistant dock doors; and loading lock accessories and service for warehouse, manufacturing, retail and distribution center customers.
Headwaters MB served as advisor to SPX on the sale of Dock Products.
Wynnchurch Capital is a leading middle-market private equity investment firm located in Lake Forest, Illinois. Wynnchurch manages a number of private equity funds with capital under management in excess of $500 million specializing in management buyouts, recapitalizations, corporate spin-offs, restructurings and growth capital investments. For more information visit the company's web site at http://www.wynnchurch.com/ .
SPX Corporation is a leading global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services. For more information visit the company's web site at http://www.spx.com/ .
Certain statements in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. The words "believe," "expect," "anticipate," "estimate," "guidance," "target" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
