SPX Corp. completes sale of dry cooling business

SPX Corp. in Ballantyne
SPX Corp. in Ballantyne Observer file photo

Charlotte-based SPX Corp. has completed the sale of its dry cooling business to India-based Paharpur Cooling Towers Limited for $48 million.

The business unit is headquartered in Brussels and has facilities in China and the U.S. The division accounted for about 10 percent of the revenues of SPX’s power segment.

Paharpur, based in Kolkata, provides cooling solutions for global markets and focuses on cooling towers, air cooled heat exchangers, air cooled condensers and flexible packaging.

SPX announced it would sell the dry cooling business in December.

SPX Corp. makes and sells products like power transformers, boilers and communications systems. Last fall, the company spun off SPX Flow as a standalone company that manufactures equipment like pumps, valves and filtration systems. The two have their headquarters in Ballantyne.

Katherine Peralta: 704-358-5079, @katieperalta