SPX Corporation has completed the sale of its Contech business unit to Marathon Automotive Group, a company formed by Marathon Asset Management, for approximately $US146m in cash. Contech, based in Portage, Michigan, has annual revenues of approximately $300m.
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Contech is a supplier of light-weight cast components for the automotive and light truck markets, and offers a wide variety of die cast process technologies. Italso manufactures steel forged automotive components and steel tube fabrications.
Chris Kearney, president and CEO of SPX Corporation said, “The sale of Contech is a natural progression in our strategy of focusing our resources on our flow technology, test and measurement and thermal equipment and services businesses.”
Contech was reported as a discontinued operation at the end of the third quarter of 2006. On 7 March, SPX announced that it had entered a definitive agreement to sell Contech. SPX expects to use the majority of the proceeds to repurchase company shares.
