CHARLOTTE, N.C. (AP) — SPX Corp. said Monday that it completed the sale of its automotive services business to Germany's Robert Bosch GmbH for about $1.15 billion.
The division develops, manufactures and sells tools, workshop equipment, and software for the global automotive market. Net proceeds from the sale are estimated at about $1 billion.
With the sale, SPX officially leaves the automotive industry, saying it will focus on growing its flow technology segment.
Privately held Bosch has said the division line, based in Warren, Maine, is expected to post sales of about $920 million for the year. The division has 2,700 employees in 17 countries, primarily in the U.S., Germany, France and China.
Late last month Bosch agreed to sell a business that makes equipment used to recharge vehicle air conditioning systems in order to settle Federal Trade Commission charges that its acquisition of a similar company would have given it an overwhelming share of that market. Bosch also will grant manufacturers licenses to key patents needed to compete in the market for the equipment.
SPX shares rose 56 cents to $68.68 in afternoon trading.