 "SPX's dry cooling technology")
The Kolkata-based Paharpur Cooling Towers Limited on December 14, 2015 announced the acquisition of SPX Corporation’s dry cooling business, headquartered in Brussels (Belgium), for approximately $ 48 million (about Rs 318 crore). The transaction is expected to be finalised during the first half of 2016 and is subject to the receipt of certain regulatory approvals.
This strategic acquisition complements and strengthens the existing process cooling solutions business of the company, commented Vikram Swarup, joint managing director, Paharpur.
The dry cooling business, with manufacturing facilities in China and the US, accounts for approximately 10 percent of the revenues of SPX's power segment. This business also includes SPX's ownership interest in its joint venture with Shanghai Electric. The transaction does not include SPX’s South African subsidiary, DBT Technologies (Pty) Ltd.
Gene Lowe, President and CEO, said, “The agreement for the sale of our dry cooling business represents an early step in our commitment to shareholders to optimise capital utilisation by emphasising businesses that fit our strategic profile. We believe that as part of Paharpur's portfolio, the dry cooling business will be well positioned strategically to benefit from Paharpur's long-term focus on dry cooling solutions.”
Paharpur’s business interests include cooling towers, air cooled heat exchangers, air cooled condensers and flexible packaging. The company has five manufacturing facilities in India serving the global markets.
Based in Charlotte (North Carolina), SPX Corporation is one of the leading global suppliers of highly engineered HVAC products, detection and measurement technologies and power equipment. With operations in about 20 countries, SPX Corporation has approximately $ 2 billion in annual revenues and approximately 6,000 employees worldwide.
