SPX to Acquire e&e, a Global Supplier of Extraction, Evaporation, Vacuum and Freeze Drying Technologies
CHARLOTTE, N.C., Oct. 21, 2011 /PRNewswire/ — SPX Corporation (NYSE: SPW) today announced that its Flow Technology segment entered into a definitive agreement to acquire e&e Verfahrenstechnik GmbH (e&e), a leading supplier of extraction, evaporation, vacuum and freeze drying technologies to the global food and beverage, pharmaceutical and bioenergy industries. The terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed in the fourth quarter of 2011.
Founded in 1998 and based in Warendorf, Germany, e&e has approximately 40 employees and global capabilities through its commercial representation and sales in China, France, India, Indonesia, Japan, the Philippines, Russia, Turkey and Vietnam. The company’s extraction, evaporation, vacuum and freeze drying technologies are used primarily by customers in the food and beverage industry, but also by the pharmaceutical and bioenergy industries.
e&e has extensive in-house process and product expertise, and has developed production plants handling more than 300 different types of products. A key market segment for the company is providing state-of-the-art processing technology for the soluble (instant) coffee industry, where e&e specializes in coffee extract preparation and freeze drying of coffee extract.
“Our acquisition of e&e will expand and enhance our food and beverage capabilities, and complement our 2010 acquisition of Anhydro, another leader in dry powder processing technologies and systems,” said Don Canterna, segment president, SPX Flow Technology. “Additionally, e&e’s freeze drying technologies and deep experience in creating instant coffee production facilities will give expanded presence in the global coffee market, particularly in Europe and Asia, where e&e has strong relationships.”
e&e’s core technology covers solid/liquid and liquid/liquid extraction, thermal liquid concentration, solvent rectification, and vacuum/freeze continuous belt or tray drying of pharmaceutical extracts, coffee extract, herbal extract, instant tea extract and Traditional Chinese Medicine (TCM). e&e also operates a test center for refining customer-specific processes and new product development. The e&e test center enables the company to adapt and refine specific processes for its customers’ needs for specific products, and helps facilitate the custom design and building of facilities to produce these products.
Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with more than $5 billion in annual revenue, operations in more than 35 countries and approximately 16,000 employees. The company’s highly-specialized, engineered products and technologies serve customers in three primary strategic growth markets: infrastructure, process equipment and diagnostic tools. Many of SPX’s innovative solutions are playing a role in helping to meet rising global demand, particularly in emerging markets, for electricity, processed foods and beverages and vehicle services. The company’s products include thermal heat transfer equipment for power plants; power transformers for utility companies; process equipment for the food & beverage industry; and diagnostic tools and equipment for the vehicle service industry. For more information, please visit http://www.spx.com/.
Certain statements in this press release including any statements relating to fulfillment of the terms of the referenced agreement, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. The word “expect,” “believe” and similar expressions may identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Statements in the press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
SOURCE SPX Corporation