SPX Corp. has completed the sale of its BOMAG compaction equipment business to Fayat for $446 million in cash. SPX will use the net proceeds from the transaction to pay down debt.
Christopher Kearney, president and CEO of SPX, said, "As we previously announced, we intend to use the net proceeds from the sale of BOMAG to pay down debt which will strengthen the balance sheet and clear the path for our new financial strategy. In December, we committed to announce our financial strategy during the first quarter and we are on schedule to meet that deadline."
On October 28, SPX signed a definitive agreement to sell BOMAG to Fayat Group, a privately owned business based in Bordeaux, France.
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