SPX Corp completes sale of Transformer Solutions unit for $645M cash

SPX Technologies, Inc.

Sold SPX Transformer Solutions to GE-Prolec Transformers on Oct 1, 2021 for $645M cash, subject to working capital adjustments.
Pro forma FY2020 continuing ops revenue $1.13B (vs. $1.56B historical); net income from cont ops $57.9M (vs. $100.7M).
Pro forma cash and equivalents as of July 3, 2021 were $686M, up from $69.1M historical, reflecting net proceeds.
General corporate overhead of $4.7M (FY2020) previously allocated to Transformer Solutions remains in continuing operations.
The sale was previously announced on June 8, 2021; transaction closed on October 1, 2021.

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