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As of 4:04 PM EDT. Market closed.
  • American City Business Journals4 months ago

    SPX Corp. closes sale of a power-related business; more sales expected

    SPX Corp. says it has completed the $48 million sale of its dry-cooling tower business to Paharpur Cooling Towers Ltd. of West Bengal, India. The deal is the first of what is expected to be a number of sales of underperforming businesses in SPX Corp.’s power division. In February, CEO Gene Lowe said his company had hired an adviser to “help us assess strategic alternatives for portions of our Power Generation business.” The decision to divest some divisions comes shortly after SPX Corp. spun off its SPX Flow business as a separate publicly traded company in September.

  • American City Business Journals4 months ago

    SPX Flow restructuring hits 55 jobs at Charlotte HQ

    SPX Flow is laying off 55 workers at its Charlotte headquarters, and more job cuts are expected across its global footprint. SPX Flow (FLOW) spokesman Ryan Taylor declined for now to say how many employees outside of Charlotte will be laid off, citing timing of the decisions and a need in some cases to coordinate with work councils in foreign countries. The layoffs are part of SPX Flow’s restructuring plan to deal with sharp downturns in key markets — largely the dairy and oil industries — that contributed to losses of $82.7 million in continuing operations for 2015.