SPX Corporation Sells 44.5% Stake in EGS Electrical Group to Emerson Electric

SPX Corporation completed the sale of its 44.5% joint venture interest in EGS Electrical Group LLC to Emerson Electric Co. for $574.1 million in cash. The transaction closed on January 7, 2014, pursuant to an agreement dated December 3, 2013. SPX plans to use proceeds for share repurchases and debt reduction.

“On January 7, 2014, SPX Corporation (“SPX” or the “Company”) completed the sale of its 44.5% joint venture interest in EGS Electrical Group LLC (“EGS”) to Emerson Electric Co. (“Emerson”) for $574.1 million in cash.”

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