SPX Corp. completes spinoff of SPX Flow Inc.

Charlotte-based SPX Corp. said it completed the spinoff of SPX Flow Inc. and will begin trading on the New York Stock Exchange under the symbol “SPXC” Monday morning.

SPX Flow will operate as a standalone company and manufacture equipment such as pumps, valves and filtration systems. It will be listed on the NYSE under the ticker “FLOW.” The remaining SPX will continue as a separate infrastructure company, making and selling products such as power transformers, boilers and communication systems.

In trading Monday, SPX shares fell 4.4 percent to $11.90, while SPX Flow shares dropped 8 percent to $34.

“Going forward, we will have greater strategic flexibility and will also have an increased ability to attract an investor base suited to our company’s specific operational and financial characteristics,” Patrick O’Leary, SPX Corp. board chairman, said in a statement Monday.

Gene Lowe, former president of SPX’s thermal equipment unit, will serve as SPX Corp.’s president and chief executive officer, the company said. Chris Kearney, previously the CEO of SPX Corp. before the spinoff, will head SPX Flow.

“We expect organic and inorganic investments to focus on increasing our customer relevance, expanding our service presence, innovation and new product development, optimizing our global footprint and reducing our overall cost structure,” Kearney said in a separate statement.

Both companies will remain in Ballantyne, SPX has said. Together, they employ about 350 people in Charlotte.

This story was originally published September 28, 2015 at 7:08 AM with the headline "SPX Corp. completes spinoff of SPX Flow Inc.."