SPX Corporation (NYSE: SPXC) yesterday announced it’s entered into an agreement to purchase Carmanah Technologies, a marine and obstruction lighting business, for approximately $77 million cash.
After closing, the acquired business will collaborate with SPX’s Flash Technology business on specific commercial and product initiatives as part of their growth strategy, according to a spokesperson from the SPX Communications Department. Carmanah’s offices in Europe will continue to operate the navigation aids business.
“With Flash Technology’s leadership in obstruction lighting for the telecommunications tower and wind turbine markets,” the press release said, “together we will provide a stronger, more competitive solution to better serve the market.”
December 14, 2018
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