Emerson has sold Daniel Valve Company to SPX Corporation

SPX Corporation (NYSE: SPW) today announced that its Valves and Controls business has acquired Daniel Valve Company from Emerson Electric (NYSE: EMR). Daniel Valve manufactures, markets, and services specialty valves and flow control solutions for crude oil and liquid petroleum product pipeline transmission, storage and distribution applications. Based in Houston, Texas, Daniel Valve has annual revenues of approximately $40 million.

John B. Blystone, Chairman, President and CEO of SPX Corporation said, “The addition of Daniel Valve provides SPX Valves and Controls with an excellent opportunity to expand its presence in the oil and gas markets. In addition to critical mass, these additional products and services utilize existing sales channels, provide new channels for our existing products and will leverage our manufacturing expertise.”

SPX Valves and Controls is a world leader in globe and rotary control valves and instrumentation, steam conditioning equipment, and other critical system valve technology.

SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation’s home page is www.spx.com.

St. Louis-based Emerson (www.gotoemerson.com) is a global leader in bringing technology and engineering together to provide innovative solutions to customers in electronics and telecommunications; process control; industrial automation; heating, ventilating and air conditioning; and appliance and tools. Sales in fiscal 2001 were $15.5 billion. Lincoln Partners initiated this transaction, assisted in the negotiations and acted as financial advisor to Emerson.

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