As a part of its plan to spin off SPX Flow Inc., the board of directors of Charlotte-based SPX Corp. has approved the final distribution ratio and declared a pro rata dividend of the outstanding shares of SPX Flow Inc. common stock. This will result in the complete legal and structural separation of the two companies.
On the distribution date of September 26, SPX Corp. shareholders as of September 16 will receive one share of SPX Flow Inc. common stock for every share of SPX Corp. common stock they hold on the record date.
The distribution is subject to the satisfaction or waiver of certain conditions, including a registration statement on Form 10 for the SPX Flow Inc. common stock being declared effective by the U.S. Securities and Exchange Commission.
Following the spinoff of its Flow business, the SPX Corp. will supply highly engineered HVAC products, detection and measurement technologies and power equipment. SPX Flow Inc., also based in Charlotte, will supply highly engineered flow components, process equipment and turn-key systems along with the related aftermarket parts and services, into the industrial, food and beverage, power and energy, and end markets.