A unit of struggling SPX Corp. may be getting bids from
General Electric Co. and France’s Schneider Electric SA.
SPX’s Edwards System Technology could be worth as much as
$1.5 billion and is regarded as one of the most desirable
inside SPX. John Blystone, SPX’s chairman and CEO, said
that the company would consider selling off parts of the
company “where value can be unlocked.”
It remains to be seen if GE or Schneider will offer a bid high enough for SPX’s liking.
Ultimately, a final decision could be reached at some point in the next few weeks, though SPX could decide against a sale. Shares of SPX have tumbled amid concerns that the company has been relying on one-time accounting gains to post positive financial results.
