North Carolina’s SPX Corp. said it has sold its Precision Components business unit for $62 million.
The buyers of the aerospace and defense manufacturer are New Canaan’s RFE Investment Partners and 24/6 Capital Partners, based in Brookline, Mass. They will operate the business as PCX Aerostructures, which will be led by CEO Alan Haase.
Precision Components is headquartered on Fenn Road in Newington, and has additional locations in Ronkonkoma and Farmingdale, N.Y. SPX, which trades on the New York Stock Exchange, acquired the company, previously known as Fenn Technologies, in 2001.
Haase said in a statement that he will work to expand the business’s customer relationships and create new ones. Peter Reiter, managing director of RFE, said the private equity firm is prepared to invest in both organic growth and acquisitions.
