SPX-dry-coolerUSA: SPX Corporation has sold its dry cooling business to Indian company Paharpur Cooling Towers for $48m.

The Dry Cooling business, which is headquartered in Brussels with facilities in China and the USA, accounts for approximately 10% 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 is expected to be finalised during the first half of 2016 and is subject to regulatory approvals. 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.”

Based in Charlotte, North Carolina, SPX Corporation is a leading supplier of highly engineered HVAC products, detection and measurement technologies and power equipment. With operations in about 20 countries, SPX Corporation has approximately $2bn in annual revenues and approximately 6,000 employees worldwide.

Headquartered in Kolkata, Paharpur is a leading cooling solution provider in India with global operations. The company’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.