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BUSINESS
August 2, 2001 | Reuters
Industrial products manufacturer SPX Corp. said it will cut 7% of its work force and close 49 facilities during the next year, related to its recent acquisition of Canadian machinery maker United Dominion Industries. SPX said it will let go 2,000 of its 28,000 workers in a move to save it more than $100 million a year. Muskegon, Mich.-based SPX also said its second-quarter earnings rose 14% to $54.4 million, or $1.51 a share, a penny better than expectations, as it cut costs.
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BUSINESS
November 16, 2004 | From Reuters
General Electric Co. said it would buy a fire detection systems business from SPX Corp. for nearly $1.4 billion in cash in a move to bolster its building and security systems unit. The acquisition of SPX's Edwards Systems Technology would give GE a foothold in fire detection systems and allow it to boost its place in security systems, a key business for its infrastructure unit that also offers factory automation equipment and sensors. GE shares fell 15 cents to $36.10. Shares of Charlotte, N.C.
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BUSINESS
December 25, 2003 | From Bloomberg News
Microsoft Corp. agreed to pay $60 million to SPX Corp.'s Imagexpo unit to end a legal fight over a patent for real-time conferencing software. A jury in Richmond, Va., in November told Microsoft to pay Imagexpo $62.3 million for using without permission the company's patented technology in the NetMeeting Whiteboard features in Microsoft programs. That amount could have been tripled because the jury determined that Microsoft's use of Imagexpo's invention was intentional.
BUSINESS
December 25, 2003 | From Bloomberg News
Microsoft Corp. agreed to pay $60 million to SPX Corp.'s Imagexpo unit to end a legal fight over a patent for real-time conferencing software. A jury in Richmond, Va., in November told Microsoft to pay Imagexpo $62.3 million for using without permission the company's patented technology in the NetMeeting Whiteboard features in Microsoft programs. That amount could have been tripled because the jury determined that Microsoft's use of Imagexpo's invention was intentional.
BUSINESS
November 16, 2004 | From Reuters
General Electric Co. said it would buy a fire detection systems business from SPX Corp. for nearly $1.4 billion in cash in a move to bolster its building and security systems unit. The acquisition of SPX's Edwards Systems Technology would give GE a foothold in fire detection systems and allow it to boost its place in security systems, a key business for its infrastructure unit that also offers factory automation equipment and sensors. GE shares fell 15 cents to $36.10. Shares of Charlotte, N.C.
BUSINESS
December 29, 2001 | Reuters
Toolmaker Snap-on Inc. said a federal arbitrator ordered it to pay $44 million to industrial products and services company SPX Corp. in a case that involved alleged patent infringement and the hiring of an executive. Kenosha, Wis.-based Snap-on said it will take a charge of $27.9million, or 48 cents a share, in the fourth quarter for the after-tax cost of the ruling. The ruling relates to a complaint Snap-on filed in April 1996 against Muskegon, Mich.
BUSINESS
May 5, 1998 | Reuters
Echlin Inc. agreed to be acquired for $3.4 billion in stock by Dana Corp., a bid that topped a 3-month-old hostile $3-billion offer from SPX Corp. The Echlin-Dana combination would create an auto parts giant with annual sales of $13 billion, joining Echlin's strength in the aftermarket segment with Dana's strong position in the original-equipment sector. SPX, based in Muskegon, Mich., said it is evaluating the situation and will consider its options.
BUSINESS
July 21, 1998 | From Reuters
SPX Corp. said Monday it will buy General Signal Corp., a struggling industrial company twice its size, in a cash and stock deal valued at $2 billion, or $45 a share. The acquisition of General Signal will move SPX, which makes car parts, specialty tools and vehicle-emissions test equipment, into the general industrial arena. Based in Stamford, Conn., General Signal's product line includes motors for yard and exercise equipment, specialty refrigerators and lighting and wiring products.
BUSINESS
August 17, 1999
Costa Mesa-based Rockwell International Corp. said Monday it agreed to sell its North American Transformer business, based in Milpitas, Calif., to SPX Corp. Terms of the transaction were not disclosed. The deal is expected to be completed by the end of September, subject to regulatory review. North American Transformer manufactures large-power transformers for the electric utility industry. It is part of the Rockwell Automation business unit.
BUSINESS
June 30, 1998 | From Bloomberg News
Snap-On Inc., a leading toolmaker for mechanics, said it will fire 1,000 employees, or 8.3% of its work force, close five plants and take a $175-million third-quarter charge to improve efficiency after making 17 acquisitions in six years. It also said its second-quarter earnings will be 40% lower than the year-earlier 63 cents a diluted share on lower demand in Asia and lower productivity as employees learn a new computer system.
BUSINESS
December 29, 2001 | Reuters
Toolmaker Snap-on Inc. said a federal arbitrator ordered it to pay $44 million to industrial products and services company SPX Corp. in a case that involved alleged patent infringement and the hiring of an executive. Kenosha, Wis.-based Snap-on said it will take a charge of $27.9million, or 48 cents a share, in the fourth quarter for the after-tax cost of the ruling. The ruling relates to a complaint Snap-on filed in April 1996 against Muskegon, Mich.
BUSINESS
August 2, 2001 | Reuters
Industrial products manufacturer SPX Corp. said it will cut 7% of its work force and close 49 facilities during the next year, related to its recent acquisition of Canadian machinery maker United Dominion Industries. SPX said it will let go 2,000 of its 28,000 workers in a move to save it more than $100 million a year. Muskegon, Mich.-based SPX also said its second-quarter earnings rose 14% to $54.4 million, or $1.51 a share, a penny better than expectations, as it cut costs.
BUSINESS
July 21, 1998 | From Reuters
SPX Corp. said Monday it will buy General Signal Corp., a struggling industrial company twice its size, in a cash and stock deal valued at $2 billion, or $45 a share. The acquisition of General Signal will move SPX, which makes car parts, specialty tools and vehicle-emissions test equipment, into the general industrial arena. Based in Stamford, Conn., General Signal's product line includes motors for yard and exercise equipment, specialty refrigerators and lighting and wiring products.
BUSINESS
May 5, 1998 | Reuters
Echlin Inc. agreed to be acquired for $3.4 billion in stock by Dana Corp., a bid that topped a 3-month-old hostile $3-billion offer from SPX Corp. The Echlin-Dana combination would create an auto parts giant with annual sales of $13 billion, joining Echlin's strength in the aftermarket segment with Dana's strong position in the original-equipment sector. SPX, based in Muskegon, Mich., said it is evaluating the situation and will consider its options.
BUSINESS
March 23, 2007 | From the Associated Press
Oracle Corp. on Thursday accused SAP of hacking into its computers to steal secret product information in a lawsuit that escalates the animosity between two of the world's largest business software makers. "This isn't really about protecting intellectual property," Forrester Research analyst Ray Wang said. "This is all about the art of war."
BUSINESS
October 1, 1990
Best- and worst-performing industries and companies in each group, with closing stock price, for the week ended Sept. 28. Only stocks trading for $1 or higher are included. BEST PERFORMERS 1) Entertainment: +7.6% MCA Inc. (58 3/4): +67.9% 2) Tobacco: +1.7% BAT Indus. (10): +3.9% 3) Metals, rare: +1.7% Northwest Gold A (1 1/8): +12.5% 4) Food, confectioners: +1.4% Pepsico Inc. (23): +3.4% 5) Real Estate Invest. Trusts: +1.3% Eastover Corp. (6 1/4): +13.6% 6) Retail, discount/drugs: +0.
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