SPX Technologies Divests Asbestos-Liability Subsidiaries to Canvas Holdco

SPX Technologies, Inc. completed the sale of its wholly-owned subsidiary SPX, LLC (and its subsidiaries Marley-Wylain and SPX Cooling Technologies) to Canvas Holdco, LLC, an entity formed by a joint venture of Global Risk Capital and Premia Holdings. The transaction involved a $138.85 million cash contribution by SPX to the target companies and an $8 million capital contribution by the purchaser. The divestiture transfers all asbestos liabilities and related insurance assets off SPX's balance sheet.

“On November 1, 2022, SPX Technologies, Inc. (the “Company”) together with SPX, LLC, The Marley-Wylain Company, LLC (“Marley-Wylain”) and SPX Cooling Technologies, LLC (“SPXCT”, and together with SPX, LLC and Marley-Wylain, the “Target Companies”), each a wholly-owned subsidiary of the Company which holds asbestos and certain other liabilities and related insurance assets, entered into a Sale and Purchase Agreement (the “Purchase Agreement”) with Canvas Holdco, LLC, a Delaware limited liability company (the “Purchaser”), an entity formed by a joint venture of Global Risk Capital and Premia Holdings.”

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