CHARLOTTE, N.C. (AP) — Industrial equipment maker SPX Corp. said Wednesday it would acquire Germany's Matra-Werke GmbH, which makes repair tools for vehicles, as part of an effort to grow its European automotive business.
SPX did not release financial terms of the acquisition, which is expected to close in the fourth quarter.
Matra, a subsidiary of KION Group GmbH, will be incorporated into SPX's CarTool subsidiary, which SPX acquired two years ago. Matra distributes repair tools and assembles hydraulic presses for vehicle maintenance.
SPX said in July that it also plans to acquire the European diagnostics division of Johnson Controls, a manufacturer of vehicle products like seats, panels, doors and electronics.