SPX Corp to sell JV stake to Emerson Electric for $571 mln

Wed Dec 4, 2013 8:17am EST

Dec 4 (Reuters) - SPX Corp said it would sell its 44.5 percent stake in EGS Electric Group LLC to partner Emerson Electric Co for $571 million.

SPX, which makes food and beverage production equipment, electrical transformers, and cooling towers for power plants, said it expects the sale to close in the first quarter of 2014.

Emerson Electric, which makes industrial controls, power supplies and home-storage equipment, and SPX set up EGS Electric in 1997. The joint venture manufactures electrical fittings, hazardous location lighting and power conditioning equipment.

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