SPX Acquires Torque Tension Systems Ltd
CHARLOTTE, N.C., April 8, 2010 /PRNewswire via COMTEX/ --SPX Corporation (NYSE: SPW) today announced that its SPX Hydraulic Technologies business unit, part of the company's Industrial Products and Services segment, acquired U.K.-based Torque Tension Systems Ltd. (TTS), a leading global supplier of hydraulic torque wrench and tensioner tool products. The terms of the transaction were not disclosed.
The addition of TTS's line of high-performance industrial bolting tools will expand SPX Hydraulic Technologies' product portfolio offering to the global energy infrastructure markets, particularly the oil and gas and wind sectors.
"SPX is continually seeking opportunities to enhance its product offerings to better serve its customers and provide them with best-in-class industrial solutions," said Lee Powell, SPX segment president. "Torque Tension Systems' line of high quality, high performance tools utilized across multiple industries represents a powerful addition to our growing portfolio of industrial tools."
Based in Northumberland, U.K., privately-held Torque Tension Systems Ltd. had annual revenues of approximately 5.1 million pounds Sterling or $7.65 million in 2009. The company's hydraulic bolting product lines include Dura-Lite hydraulic torque wrenches, LDF Torque wrenches, subsea bolt tensioners, hydraulic nut splitters, flange pullers and flange spreaders.All of TTS's products are engineered using computer-aided technology to deliver first-rate performance and durability in even the most demanding operating environments. In addition to serving the power and energy market, TTS's tools are utilized in the petrochemical, automotive, chemical, railways and shipbuilding industries. The company has additional offices in Australia and Malaysia.
"TTS has built a strong reputation as an innovator by developing products and software packages for the energy infrastructure market," said Thom Farrell, President, SPX Hydraulic Technologies. "By combining our premium Predator Series hydraulic pump product line with TTS's leading bolting tool offering, customers utilizing hydraulic bolting systems will be able to get the best of both aspects of a bolting system. The combination results in an extremely fast and durable system."
SPX's Hydraulic Technologies is a global manufacturer of high-force hydraulic pumps, cylinders, jacks, pullers and tools, serving customers around the world. With brands that include Globe(R), Hytec(R), PowerTeam(R), Stone(R), and SPX Rail Systems Clamplock(R), the business unit delivers innovative products to a wide range of industrial markets.
"TTS has prided itself on developing market-leading products and software systems that offer our customers inventive, highly advanced bolting solutions. This philosophy has enabled us to become a recognized world leader in just a little over a decade," said Gerald Vineberg, Managing Director of TTS. "We believe the global strength and reach of SPX, and the synergies between our product offerings, will enable us to continue growing our business and expanding our industrial customer base around the world."
About SPX
SPX Corporation (NYSE: SPW) is a Fortune 500 multi-industry manufacturing leader that provides its customers with highly-specialized, engineered solutions to solve critical business issues.
SPX products and technologies play an important role in the expansion of global infrastructure to help meet increased demand for power and energy and support many different sources of power generation, including coal and natural gas, nuclear, solar and geothermal. The company's innovative product portfolio, containing many energy efficient products, includes cooling systems for power plants throughout the world; highly advanced food processing components and turnkey, scalable systems serving the global food and beverage industry; process equipment that assists a variety of flow processes including oil and gas exploration, distribution and refinement and power generation; handheld diagnostic tools that aid in vehicle maintenance and repair; and power transformers that allow utility companies to regulate electric voltage, transmission and distribution.
With headquarters in Charlotte, North Carolina, SPX has 15,000 employees in more than 35 countries worldwide. Visit www.spx.com.
Certain statements in this press release including any statements relating to benefits anticipated from the acquisition, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Statements in the press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
SOURCE SPX Corporation