Bosch buys SPX for more than $1 billion
The Bosch Automotive Aftermarket division of Robert Bosch LLC plans to acquire the "Service Solutions" business of SPX Corp. for $1.15 billion. The parties signed an agreement to that effect on Jan. 23, 2012.
SPX Service Solutions develops, manufactures and sells diagnostic and service tools, workshop equipment, and software for the global automotive aftermarket. In addition, SPX offers technical information, training programs, equipment for dealerships and repair shops, and services to OEM service organizations.
Based in Warren, Mich., the business is expected to generate annual sales of approximately $920 million for Bosch.
"Acquiring SPX Service Solutions will help make Bosch one of the leading providers of diagnostic solutions,” says Robert Hanser, president of the Automotive Aftermarket division.
"The acquisition will allow us to considerably expand our market presence in the diagnostics business, particularly in North America. In addition, we will strengthen our position in Asia Pacific and Europe, especially in our diagnostics business with automakers.”
The transaction is subject to normal closing conditions and regulatory approvals, and is expected to close during the first half of 2012.
"We are proud that we transformed Service Solutions from a domestic hard tool manufacturer into a global supplier of diagnostic solutions, hard tools and repair information services," says David Kowalski, SPX segment president.
"Bosch is dedicated to the automotive service sector and has strong relationships with vehicle original equipment manufacturers worldwide. We think Service Solutions is a very good strategic fit with Bosch.”