SPX To Sell SPX Transformer Solutions To GE-Prolec Transformers For $645 Mln Cash
FAIRFIELD (dpa-AFX) - SPX Corp. announced Wednesday that it has entered into a binding agreement to sell 100% of the issued and outstanding stock of its wholly-owned subsidiary, SPX Transformer Solutions, Inc., to GE-Prolec Transformers, Inc., a subsidiary of a joint venture between General Electric Co. (GE) and Xignux S.A. de C.V. for a cash purchase price of $645 million.
SPX anticipates that after taxes on a gain from the sale, net proceeds will be approximately $540 million. The purchase price is subject to customary net working capital and similar adjustments at closing.
New exhibit showcases 100 objects of Waukesha history
As the City of Waukesha continues its year long celebration for becoming a city 125 years ago, the Waukesha County Historical Society & Museum has opened a new exhibit in its honor.
“Waukesha in 100 Objects” opened to the public March 13 and will be on display through the rest of 2021.
“We are glad to be partnering with the Museum to showcase these important pieces of Waukesha’s history,” said Waukesha Mayor Shawn Reilly. “The City of Waukesha has a rich history that we are excited to share with the community through this exhibit.”
“This project is a testament to many stories that this City has to tell,” says WCHSM Executive Director Bonnie Byrd. “Our volunteers have worked for the last year researching and preparing the 100 objects and we’re excited to share it with everyone.”
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The solid-state transformer market size is expected to grow from USD 100 million in 2024 to USD 241 million by 2030; it is expected to grow at a CAGR of 15.8% from 2024 to 2030.
The key factors driving the growth of the solid-state transformer market are growing alternative energy sector, and increasing investments in smart grids and energy systems.
Market for HV/MV to account for larger market share during forecast period.
The HV/MV segment is expected to continue to hold a larger market size during the forecast period. The growth of the HV/MV segment of the solid-state transformer market can be attributed to the increased adoption of these transformers in renewable power generation applications. The outbreak and the spread of the COVID-19 have also impacted the growth of the solid-state transformer market globally. It is expected to witness a forward push from 2024 onward.