SPX Corp. has agreed to sell its service solutions unit, which manufactures tools, workshop equipment and software for the automotive market.
BERLIN—Engineering company Robert Bosch GmbH will buy the automotive services division of U.S.-based SPX Corp. for about $1.15 billion.
Charlotte, N.C.-based SPX service solutions’ unit develops and manufactures tools, workshop equipment and software for the automotive market.
Robert Bosch GmbH said SPX is expected to post sales of about $920 million for 2011. The company employs 2,700 people in 17 countries, primarily in the U.S., Germany, France and China.
Bosch has 285,000 employees worldwide and posted revenues of about $47.3 billion and a net profit of $2.5 billion in 2010.