SPX Flow divests Power and Energy business
SPX Flow Inc has completed the sale of its Power and Energy segment to funds managed by affiliates of Apollo Global Management Inc.
The sale is part of SPX Flow’s strategy to focus on process solutions for essential sanitary and industrial process markets. Approximately 50% of SPX Flow’s sales are now in sanitary markets such as food and beverage, pharmaceuticals, water and personal care and 50% in industrial markets such as specialty chemical processing, air treatment and mining.
With the sale of the Power and Energy segment, SPX Flow’s brands now include Anhydro, APV, Bolting Systems, Bran+Luebbe, Delair, Deltech, Gerstenberg Schroder, Globe, Hankison, Hytec, Johnson Pump, Johnson Pump Marine, Lightnin, Plenty, Pneumatic Products, Power Team, Seital Separation, SPX Rail Systems, Stone, Tigerholm and Waukesha Cherry-Burrell.
The former SPX Flow Power and Energy business is now a stand-alone company called Celeros Flow Technology. The Celeros Flow Technology portfolio includes the Airpel, ClydeUnion Pumps, Copes-Vulcan, Dollinger, GD Engineering, M&J Valve, Plenty and Vokes brands.
The US$400 million net proceeds from the sale will strengthen SPX Flow’s financial position and increase liquidity to more than US$1.1 billion.