SPX to sell Bomag to Fayat

SPX announced Oct. 29 it will sell Germany-based compaction equipment manufacturer Bomag to Fayat, based in Bordeaux, France, for $446 million in cash. The transaction, which is subject to antitrust clearance conditions, is expected to close in the fourth quarter of this year. North Carolina-based SPX said it conducted a review of Bomag and its long-term fit within its industrial products segment before deciding to sell the company. SPX will use proceeds from the sale to pay down debt. Fayat Group is comprised of 75 companies and approximately 20 percent of its business includes road-building equipment.