SPX Corporation and Relational Investors Enter into Cooperation Agreement
January 14, 2014 at 10:02 pm
Share
On January 14, 2014, SPX Corporation and Relational Investors LLC announced that they have entered into a cooperation agreement giving Relational an option to have SPX appoint David H. Batchelder, Relational's principal and co-founder, to SPX's board of directors following the 2014 annual meeting of stockholders. Further, they stated that SPX can unlock additional value for its shareholders by further increasing its operating profit margins, continuing to divest non-core assets, properly balancing growth with investment returns and maintaining its disciplined approach to capital allocation.
SPX Technologies, Inc. is a diversified, global supplier of engineered products and technologies in the heating, ventilation, and air conditioning (HVAC) and detection and measurement markets. HVAC solutions offered by its businesses include package and process cooling equipment, residential and commercial boilers, comfort heating and ventilation products, and engineered air movement solutions. Its segments include HVAC, which engineers, designs, manufactures, installs and services package and process cooling products and engineered air movement solutions for the HVAC industrial and power generation markets, as well as heating and ventilation products for the residential, industrial, and commercial markets, and Detection and Measurement segment that engineers, designs, manufactures, services, and installs underground pipe and cable locators, inspection and rehabilitation equipment, robotic systems, transportation systems, communication technologies, and obstruction lighting.
SPX TECHNOLOGIES, INC. 
