SPX to Sell Edwards Systems Technology to GE

CHARLOTTE,NC-SPX Corporation announced a definitive agreement to sell its Edwards Systems Technology (EST) business to General Electric for $1.395 billion in cash. The sale is subject to antitrust clearance and customary closing conditions and is expected to be completed in the first quarter of 2005. EST’s products and services include networked and standalone fire alarm systems; emergency evacuation packages; advanced signaling solutions; the industry’s only integrated fire, access control and security platform; nurse-call products; and digital school and industrial audio intercoms. EST was acquired by SPX in 1998 as part of the acquisition of General Signal. Over the past six years, SPX substantially augmented EST, completing ten bolt-on acquisitions and investing over $150 million in capital to grow the business. SPX intends to us the net proceeds from the transaction to pay down debt and buy back equity.

< | >