SPX Corp said it would sell its 44.5 percent stake in EGS Electric Group LLC to partner Emerson Electric Co for $571 million to focus on its main business of making pumps, valves and mixers to process and transport fluids.Emerson Electric, which makes industrial controls, power supplies and home-storage equipment, and SPX set up EGS Electric in 1997 with Emerson responsible for operational management.The joint venture makes electrical fittings, hazardous location lighting and power conditioning equipment and had revenue of more than $500 million in 2013.SPX said on Wednesday the deal value includes taxes worth about $220 million. The company expects to record an after-tax gain of about $300 million, or $6.50 per share, in its first quarter ended March 30.
Emerson Electric Co. (Emerson) is a diversified global technology company. Shares of EMR remained unchanged at $66.70. In the past year, the shares have traded as low as $49.83 and as high as $68.44. On average, 2884680 shares of EMR exchange hands on a given day and today's volume is recorded at 0.
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