SPX to buy Clyde Union Pumps for £750m
Clyde Union will be part of SPX’s Flow Technology business
US firm SPX Corporation is to purchase Clyde Union Pumps in Glasgow, Scotland for £750m (US$1.25bn).
With projected 2011 revenue of approximately £400m, Clyde Union Pumps is a global supplier of centrifugal and reciprocating pumps used in industrial applications. It employs around 2,000 people worldwide at eight manufacturing facilities and 25 service centres.
Clyde Union Pumps will continue to be run as a stand-alone business with a head office in Glasgow, under the leadership of the same management team.
Clyde Union was formed under the direction of Jim McColl, the chairman and chief executive of Clyde Blowers Capital, an industrial investment company, out of two major acquisitions – the £48m purchase of the former Weir Pumps business in Cathcart, Glasgow from the Weir Group in May 2007 and the purchase of Union Pumps as part of a $1bn deal with Textron the following year.
McColl will play no part in Clyde Union after the sale. He will continue to run Clyde Blowers Capital.
SPX, based in Charlotte, North Carolina, is a multi-industry global engineering company.
The firm manufactures and supplies pumps, valves, filters, mixers, industrial furnaces and other equipment for use in batching, separation, mixing, distillation and other processes.
Christopher Kearney, SPX’s chairman, president and ceo, said: ‘This acquisition expands our position in global power and energy and is consistent with our long-term strategy. We believe Clyde Union is an excellent strategic addition to our Flow Technology segment.’
SPX’s Flow Technology product portfolio has a niche position in power and energy markets. Brands include Bran & Luebbe, Plenty Mirrlees, Copes-Vulcan and M&J.
