SPX Corp. (SPXC) Divests Legacy Asbestos Liabilities

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Go back to SPX Corp. (SPXC) Divests Legacy Asbestos Liabilities

SPX Technologies Divests Legacy Asbestos Liabilities

November 1, 2022 4:12 PM EDT

CHARLOTTE, N.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (SPX Technologies, or SPX) (NYSE: SPXC) today announced that it has divested three wholly-owned subsidiaries (the subsidiaries) that hold asbestos liabilities and certain assets, including related insurance assets, to Canvas Holdco LLC (Canvas), an entity formed by a joint venture of Global Risk Capital LLC and an affiliate of Premia Holdings Ltd. In connection with this transaction, SPX contributed $138.8 million in cash to the subsidiaries, financed with cash on hand; while Canvas made a capital contribution to the subsidiaries of $8 million. SPX anticipates that the... More