SPX Corp. said Wednesday it will sell its Contech unit to Marathon Automotive Group for $146 million in cash.
Contech offers highly engineered, geometrically complex, light-weight cast component solutions for the automotive and light truck markets, and also manufactures steel forged automotive components and steel tube fabrications. The company, based in Portage, Michigan, has annual revenues of approximately $300 million.
The transaction is expected to be completed in the second quarter of 2007.
"SPX is focused on a strategy of growing businesses that provide solutions for customers in the areas of flow technology, test and measurement, and thermal equipment and services," said Chris Kearney, President and CEO of SPX. "Given this focus, Contech no longer fits into our long-term strategy."