Charlotte-based Manufacturer Set to be Sold for Nearly $4 Billion

Charlotte-based manufacturer SPX Flow announced last week that they would be acquired by a private equity firm in a massive deal valued at $3.8 billion.

The firm, which is an associate of Lone Star Funds in Dallas, TX, intends to take the manufacturer private. The all-cash purchase price of $86.50 per share represents a nearly 40% increase over SPX Flow’s closing price on July 16, the last day before rumors arose that SPX Flow had received an unsolicited purchase offer.

Headquartered in Ballantyne, NC, SPX Flow was formed five years ago when parent company SPX Corp. spun it off to be a separate company that would focus on manufacturing equipment like pumps, valves and filtration systems for customers such as Unilever, Abbot, Basf and Hyundai. Currently, the manufacturer has about 15 manufacturing sites in Asia, Europe and throughout the U.S.

Recently, SPX Flow had been focusing on the nutrition, health, and industrial markets, with customers in food and beverage, pharmaceuticals, and water, chemicals and mining. Last year, SPX Flow purchased North Dakota-based Posi Lock, maker of hydraulic and mechanical pullers, for $10 million. The company also acquired UTG Mixing Group for $41 million and Philadelphia Mixing for $65 million in deals earlier this year.

The new acquisition of SPX Flow is expected to be finalized during the first half of 2022. At that time, SPX Flow will become a privately held company and its shares will no longer trade on The New York Stock Exchange. As for current employees, SPX Flow spokesman Peter Smolowitz said that there aren’t any plans to change the current leadership team, or the 130 current employees located in Charlotte. SPX has over 5,000 employees worldwide.

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