Germany’s Bosch to buy vehicle diagnostic unit of SPX Corp for $1.5 bn
25 Jan 2012
German car-parts maker and engineering firm, Robert Bosch GmbH is buying the vehicle diagnostic unit SPX's Service Solutions of SPX Corp, for €883 million ($1.5 billion) in order to scale up its vehicle diagnostic operations.
Bosch said it will add SPX's Service Solutions to its automotive aftermarket division, making the acquisition the largest in the history of the division.
Warren, Michigan-based SPX Service Solutions develops, manufactures and sells diagnostic and service tools, workshop equipment, and software for the global automotive aftermarket.
It employs some 2,700 people in 17 countries, primarily in the US, Germany, France, and China.
SPX Service' product portfolio includes vehicle repair solutions, including diagnostic tools and software, as well as special repair service tools. It also offers technical information, training programmes, equipment for dealerships and repair shops, and services for automaker's service organisations. These products are also used in automakers' authorized dealerships and repair shops.
SPX Service accounts for about 15 per cent of Charlotte, North Carolina-based SPX Corp's total revenue, and is expected to generate revenue of $920 million in 2011.
