BERLIN (AP) — German engineering company Bosch said Tuesday that it plans to buy the automotive services division of U.S.-based SPX Corp. for about $1.15 billion in cash.
Bosch said that SPX, based in Charlotte, North Carolina, agreed to sell its Service Solutions unit. The division develops, manufactures and sells tools, workshop equipment, and software for the global automotive market.
Robert Bosch GmbH said the division line, based in Warren, Maine, is expected to post sales of approximately $920 million for 2011. The division has some 2,700 employees in 17 countries, primarily in the U.S., Germany, France, and China.
Bosch said it has sufficient liquidity for the acquisition, which will allow the company to expand its North America business.
The privately held German company with 285,000 employees worldwide posted revenues of about euro47.3 billion and a net profit of euro2.5 billion in 2010, the most recent figures available.