SPX Exiting Heat Transfer Business
As a part of its plan to exit the heat transfer business within its Engineered Solutions segment, SPX Corp. sold its Yuba and Ecolaire brands as well as the technology of its heat transfer business.
The Charlotte, N.C.-based assets were sold to Godrej & Boyce Manufacturing Co. Ltd., a private industrial conglomerate based in India. SPX anticipates winding down its remaining heat transfer operations by the end of the first quarter of 2019.
According to SPX, exiting the heat transfer business substantially completes the reshaping of its Engineered Solutions segment and its move away from power generation-focused businesses.
Previously, SPX Corp. had divested itself of many of its heat transfer-related brands and technologies when the company split in 2015. Familiar process heat transfer brands such as APV and Waukesha Cherry Burrell are now owned by SPX Flow, which is also headquartered in Charlotte.
SPX Corp. retains process cooling-related SPX Cooling Technologies and its Marley, Recold and Balcke brands.