SPX Corp., Charlotte, NC, has agreed to buy APV, a global manufacturer of process equipment and engineered solutions primarily for the sanitary market, for 250 million British pounds (US$510 million). APV is a division of Invensys plc, an industrial automation, transportation and controls group based in London.
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APV will become a part of SPX’s flow technology segment. APV’s primary products include pumps, valves, heat exchangers and homogenizers for the food, dairy, beverage and pharmaceutical industries. Revenues for APV were $800 million for the fiscal year ended March 31, 2007.
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APV is a strong strategic fit with SPX and will expand our manufacturing, sales and distribution operations for process equipment in Europe, Asia Pacific and worldwide,” said Chris Kearney, president and CEO of SPX.
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APV has approximately 3,000 employees in over 40 countries. The addition of APV will bring the number of SPX employees to 17,000 worldwide.
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This is the third European acquisition by SPX in 2007. The company previously acquired the European diagnostics division of Johnson Controls, Pontoise, France, and Matra-Werke GmbH, a wholly owned subsidiary of KION Group GmbH, Wiesbaden, Germany.