SPX sells stake in joint venture for $571mn

SPX Corp.

SPX Corp. (NYSE: SPW) signed an agreement to sell its 44.5 percent stake in its joint venture EGS Electric Group LLC to Emerson Electric for $571 million. The sale is expected to close in early 2014.

SPX expects to record an after-tax gain of approximately $300 million in its first quarter results, and it expects to pay cash taxes on the transaction of approximately $220 million, bringing the net, after-tax proceeds to approximately $350 million.

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