SPX Corporation on April 17 announced that it has completed the sale of its Contech business unit to Marathon Automotive Group LLC, a company formed by Marathon Asset Management LLC, for approximately $146 million in cash. Contech, based in
Chris Kearney, president and chief executive officer of SPX Corporation, said, "The sale of Contech is a natural progression in our strategy of focusing our resources on our flow technology, test and measurement and thermal equipment and services businesses."
Contech was reported as a discontinued operation at the end of the third quarter of 2006. On March 7, 2007, SPX announced that it had entered a definitive agreement to sell Contech. SPX expects to use the majority of the proceeds to repurchase company shares.
Contech is a North American market leader of highly engineered, geometrically complex, light-weight cast component solutions for the automotive and light truck markets, and offers a wide variety of die cast process technologies in the industry and produces a full range of "thick wall" and "thin wall" cast components. In addition to its leadership position in cast products, Contech also manufactures steel forged automotive components and steel tube fabrications.
SPX Corporation is a leading global provider of flow technology, test and measurement solutions, thermal equipment and services and industrial products and services.