Paharpur Cooling Towers Ltd. acquired the Dry Cooling business of Charlotte-based SPX Corp. for approximately $48 million.
The Dry Cooling business, which is headquartered in Brussels with facilities in China and the United States, accounts for approximately 10 percent of the revenues of SPX's Power Segment. This business includes SPX's ownership interest in its joint venture with Shanghai Electric. The deal, however, did not include SPX's South African subsidiary, DBT Technologies (Pty) Ltd.
Paharpur Cooling Towers Ltd. is headquartered in Kolkata, India, with U.S. offices in Denver.