Charlotte-based SPX Corp. said it has agreed to sell its dry cooling business to India-based Paharpur Cooling Towers Limited for about $48 million.
The deal is expected to be finalized during the first half of 2016 and is subject to regulatory approvals. The sale does not include DBT Technologies, SPX’s South African subsidiary, SPX said in a statement Monday.
Other terms of the deal were not disclosed.
“We believe that as part of Paharpur’s portfolio, the dry cooling business will be well positioned strategically to benefit from Paharpur’s long-term focus on dry cooling solutions,” SPX Chief Executive Officer Gene Lowe said.
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SPX’s dry cooling business is headquartered in Brussels and has facilities in China and the U.S. The division accounts for about 10 percent of the revenues of SPX’s power segment.
SPX Corp. makes and sells products including power transformers, boilers and communications systems. Earlier this fall, the company spun off SPX Flow as a standalone company that manufactures equipment like pumps, valves and filtration systems. Together, the two companies employ about 350 people in Ballantyne.