Charlotte manufacturer SPX Corp. will spin off its flow business on Sept. 26.
The SPX Corp. board of directors approved the spinoff date Tuesday. The spinoff will result in two separate publicly traded companies, SPX Corp. and SPX Flow Inc.
SPX Corp. shareholders will receive one share of SPX Flow common stock for every share of SPX Corp. common stock they own as of 5 p.m. Sept. 16, the company said in a statement. SPX Corp. shareholders don’t need to take any special action or make any payment to receive their SPX Flow shares, SPX added.
The company said “when-issued” trading for SPX Flow will begin on the New York Stock Exchange Sept. 14 under the symbol “FLOW WI,” and on Sept. 28, SPX Flow stock will begin trading normally under the symbol “FLOW.”
Following the spinoff, SPX Corp. will be listed on the NYSE under a new ticker symbol, “SPXC.”
The manufacturer said last fall it was spinning off its flow products division as a new, independent standalone called SPX Flow, which will be led by Chris Kearney, current SPX chief executive officer. The remaining part of SPX will continue as a separate infrastructure company, with Gene Lowe, president of SPX’s thermal equipment unit, to serve as CEO.