CHARLOTTE, N.C., Aug. 15, 2022 (GLOBE NEWSWIRE) — SPX Technologies, Inc. (NYSE:SPXC), as the successor registrant to SPX Corporation, announced today that it has finalized the reorganization of its corporate legal structure, pursuant to Section 251(g) of the Delaware General Corporation Law.
The reorganization included a tax-free merger of SPX Corporation with and into SPX Merger, LLC, a newly-formed Delaware limited liability company that is a subsidiary of a newly-formed Delaware corporation, SPX Technologies, Inc. As a result of the transaction, SPX Technologies has become the holding company for the SPX group of companies, and now will be the publicly traded entity. The SPX common stock will continue to trade on the NYSE on an uninterrupted basis with no change to the ticker symbol “SPXC.” The stock will trade under a new CUSIP (78473E 103).
The company anticipates multiple benefits from the transaction including a simpler and more efficient legal structure to accommodate growth through acquisitions, and opportunities for more efficient management of legacy liabilities.
A current report on Form 8-K filed today by SPX Technologies with the Securities and Exchange Commission provides additional details related to the reorganization and SPX Technologies.
About SPX Technologies: SPX Technologies is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies has more than 3,100 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
