Brief: Spx Announces Agreement To Sell Spx Transformer Solutions To GE-Prolec Transformers

SPX Technologies

09/06/2021 11:43

June 9 (Reuters) - Spx Corp  SPXC.N :
    * PRESS RELEASE - SPX ANNOUNCES AGREEMENT TO SELL SPX
TRANSFORMER
SOLUTIONS TO GE-PROLEC TRANSFORMERS
    * DEAL FOR CASH PURCHASE PRICE OF $645 MILLION
    * SPX ANTICIPATES THAT AFTER TAXES ON A GAIN FROM SALE, NET
PROCEEDS WILL BE APPROXIMATELY $540 MILLION
    * NOW ANTICIPATES ADJUSTED EARNINGS PER SHARE FOR 2021 IN A
RANGE
OF $2.17 TO $2.37
    * ANTICIPATES 2021 ADJUSTED REVENUE OF ABOUT $1.25 BILLION
    * SPX PLANS TO UPDATE ITS SEGMENT REPORTING STRUCTURE TO
ELIMINATE
ENGINEERED SOLUTIONS SEGMENT
    * EXPECTS TO ACCOUNT FOR RESULTS OF SPX TRANSFORMER
SOLUTIONS AS
DISCONTINUED OPERATIONS WHEN IT REPORTS Q2 2021 RESULTS
    * PLANS TO UPDATE ITS SEGMENT REPORTING STRUCTURE TO
ELIMINATE
ENGINEERED SOLUTIONS SEGMENT
    * PLANS TO REPORT RESULTS OF ITS PROCESS COOLING BUSINESS
WITHIN
ITS HVAC SEGMENT
    * FY2021 EARNINGS PER SHARE VIEW $3.20, REVENUE VIEW $1.69
BILLION
-- REFINITIV IBES DATA

Source text for Eikon:  ID:nGNXc3fCYm 
Further company coverage:  SPXC.N 

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