SPX Corp., a North Carolina company that owns Newington metal-forming equipment manufacturer Fenn/SPX Precision Components, said it has reached an agreement to sell its stake in its Illinois joint venture for $571 million.
SPX is selling its 44.5-percent stake in EGS Electric Group, an electrical manufacturer with operations in the U.S., Canada, Brazil and France, to Emerson Electric Co. of St. Louis.
SPX said it will net $350 million on the sale after taxes, and plans to put the money towards a $500 million share repurchase plan and reducing its debt by $300 million.
