SPX Corp, which has been under pressure from its largest shareholder to boost its stock price, said it would sell its entire stake in an electrical equipment joint venture to partner Emerson Electric Co for $571 million.SPX has been buying and selling businesses to focus on its flow technology division, joining other diversified U.S. industrials that have slimmed down their businesses after the economic crisis of 2008-2010.Ingersoll-Rand Plc has spun off its security business, while Timken Co is hiving off its steel division.Activist fund Relational Investors, which has a 15.5 percent stake in SPX, urged the company in February to consider strategic alternatives to boost its stock price.
Emerson Electric Co. (Emerson) is a diversified global technology company. Shares of EMR fell by 0.36% or $-0.24/share to $66.46. 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 2060053.
The Timken Company (Timken) develops, manufactures, markets and sells products for friction management and mechanical power transmission, alloy steels and steel components. Shares of TKR traded higher by 1.12% or $0.57/share to $51.52. In the past year, the shares have traded as low as $44.98 and as high as $64.35. On average, 964088 shares of TKR exchange hands on a given day and today's volume is recorded at 747867.
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