SPX Completes Teradyne Purchase
On 22 May SPX Corporation announced that it had completed the acquisition of Stockport-based Teradyne Diagnostics Solutions. Teradyne Diagnostics is a global supplier of diagnostic solutions for transportation OEMs and automotive dealerships, tier-one suppliers and independent service providers. Terms of the purchase have not been released, but the transaction includes operations near Manchester, Brussels, Munich, Detroit and Tokyo. Teradyne employs about 200 employees and generated revenue equivalent to $40 million in 2010.
SPX first announced that it had entered into a definitive agreement to acquire Teradyne Diagnostics Solutions on 16 February 2011. Back then Teradyne representatives were pleased to have reached an agreement to sell its Automotive Diagnostic Solutions unit to SPX Corporation: “We’re pleased to enter an agreement which will connect Diagnostic Solutions to a leader in the automotive test market where their technology and customer base can be further leveraged,” said Mike Bradley, Teradyne president and CEO. “Diagnostic Solutions is a good fit with SPX and we wish the combined team great success.”
Teradyne is a leading supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defence industries. In 2010, Teradyne had sales of $1.6 billion and employed about 3,000 people worldwide.
Based in Charlotte, North Carolina, SPX Corporation is a global Fortune 500 firm with nearly $5 billion in annual revenue, operations in more than 35 countries and approximately 15,500 employees. The company focuses on highly-specialized, engineered products and technologies. According to the company, many of SPX’s innovative solutions are “playing a role in helping to meet rising global demand, particularly in emerging markets, for electricity, processed foods and beverages and vehicle services.”
Diagnostic tools play an increasing part in the portfolio. And Teradyne Diagnostics Solutions will now operate within SPX’s Test and Measurement segment.
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