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SPX Sells Utility Transformer Business to GE-Prolec for $645 Million

Oct. 7, 2021
Prolec GE designs and provides solutions for the generation, transmission, and distribution of electrical energy. I

SPX Corp., Charlotte, NC, completed the sale of SPX Transformer Solutions to GE-Prolec Transformers, a subsidiary of a joint venture between GE and Xignux S.A. de C.V. The contract sale price of $645 million includes assumed debt and is subject to a net working capital adjustment and other typical adjustments, according to the press release.

Gene Lowe, SPX’s president & chief executive officer, said in the press release, “The sale of SPX Transformer Solutions is a significant step in SPX’s value creation journey that further focuses our strategy on our HVAC and Detection & Measurement segments, while further strengthening Prolec GE’s ability to support the growth and evolution of the grid throughout the United States and the Americas.”

Prolec GE designs and provides solutions for the generation, transmission, and distribution of electrical energy. Its geographic markets include the United States, Mexico and Brazil. It has an installed base in more than 35 countries and employs more than 8,000 people.

SPX supplies engineered products and technologies for the HVAC and detection and measurement markets. Xignux is a Mexico-based company dedicated to the energy and food industries with sales in more than 40 countries.