SPX to buy Johnson Controls division |
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Tue, 31 Jul 2007 20:51
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CHARLOTTE, N.C. (AP) - SPX Corp., a specialized engineering company, said Tuesday it will acquire the European diagnostics division of auto supplier Johnson Controls for about $43.7 million.The information diagnostics unit, based just outside of Paris, had 2006 revenue of roughly $80 million. The deal will expand SPX's geographic reach in Europe to include France.The transaction is expected to be completed in the third quarter of 2007, pending regulatory approval and customary closing conditions.SPX shares fell 75 cents to $93.95 in afternoon trading. Johnson Controls shares rose $1.19 to $114.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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