SPX Flow has agreed to sell what remains of its power and energy business to private equity firm Apollo Global Management for $475 million.
The businesses to be sold include SPX Flow’s Clyde Union Pumps, M&J Valve and Copes Vulcan valve business. Yearly sales total about $500 million of SPX Flow’s $2 billion in annual revenue, says a company spokesman. About 2,000 of SPX Flow’s roughly 7,000 workers are employed at the divisions subject to sale.
The deal is expected to close in mid-2020.