Brief: Spx Technologies Divests Legacy Asbestos Liabilities

SPX Technologies

01/11/2022 21:57

Nov 1 (Reuters) - SPX Technologies Inc  SPXC.N :
    * SPX TECHNOLOGIES DIVESTS LEGACY ASBESTOS LIABILITIES
    * SPX TECHNOLOGIES INC - DIVESTED THREE WHOLLY-OWNED
SUBSIDIARIES
THAT HOLD ASBESTOS LIABILITIES AND CERTAIN ASSETS TO CANVAS
HOLDCO LLC
    * SPX TECHNOLOGIES INC - SPX CONTRIBUTED $138.8 MILLION IN
CASH TO
SUBSIDIARIES, FINANCED WITH CASH ON HAND
    * SPX TECHNOLOGIES INC - CANVAS MADE A CAPITAL CONTRIBUTION
TO
SUBSIDIARIES OF $8 MILLION
    * SPX TECHNOLOGIES INC - ANTICIPATES DIVESTITURE WILL RESULT
IN
ANNUAL BENEFIT TO ITS ADJUSTED EARNINGS PER SHARE OF $0.08 TO
$0.10 BEGINNING IN 2023
    * SPX TECHNOLOGIES INC - ALL ASBESTOS LIABILITIES AND
RELATED
INSURANCE ASSETS WILL NOT BE INCLUDED IN SPX'S CONSOLIDATED
YEAR-END 2022 BALANCE SHEET
    * SPX TECHNOLOGIES INC - DIVESTITURE WILL RESULT IN AN
ESTIMATED
ONE-TIME LOSS THAT WILL BE RECORDED IN Q4 OF 2022

Source text for Eikon:  ID:nGNX3n9rkW 
Further company coverage:  SPXC.N 
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