Stock Spinoffs

SPX FLOW Spin Set For End Of September

Spin Doctor
SPX Corporation (SPW) is currently in the process of spinning off its flow products into the cleverly titled SPX FLOW. The board has approved the transaction and on September 26th, shareholders as of September 16th with receive one share of the new company for every SPW share owned. SPX FLOW is expected to generate ~$2.5b of revenue and will trade on the NYSE under the ticker ‘FLOW’. Post-spin, the parent company’s ticker will change to ‘SPXC’, which I guess fits the company name a bit better.

Prior to board approval, SPX finalized the board of directors at both the spinco and the parent. Here is the parent:

SPX Corporation:

  • Patrick J. O’Leary, the former Executive Vice President and Chief Financial Officer of SPX Corporation who retired inAugust 2012, has been elected to serve as Chairman of the Board of Directors for SPX Corporation.

  • Christopher J. Kearney, who is currently Chairman, President and CEO of SPX Corporation, has announced his intent to step down from that role, yet will remain a board member of SPX Corporation and also serve as Chairman, President and CEO of SPX FLOW, Inc. upon completion of the spin-off.

  • Gene Lowe, who is currently the President of SPX’s Thermal Equipment and Services segment and will serve as President and CEO of SPX Corporation upon completion of the spin-off.

  • Rick D. Puckett, Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Snyder’s Lance Inc.

  • Tana L. Utley, Vice President of the Large Power Systems Division at Caterpillar Inc.

and the spinco:

SPX FLOW, Inc.:

  • Christopher J. Kearney, will assume the role of Chairman of the Board of Directors for SPX FLOW, Inc.

  • Anne K. Altman, General Manager, U.S. Federal and Government Industries at IBM

  • Patrick D. Campbell, retired Senior Vice President and Chief Financial Officer of 3M Company

  • Emerson U. Fullwood, retired Corporate Vice President of Xerox Corporation

  • Robert F. Hull, Chief Financial Officer of Lowe’s Companies, Inc.

  • Terry S. Lisenby, retired Chief Financial Officer, Treasurer and Executive Vice President of Nucor Corporation

  • David V. Singer, retired Chief Executive Officer of Snyder’s-Lance, Inc.

The last two board slots at SPX Corporation were then filled by David Roberts and Ruth Shaw. The company recently hosted an investor day offering loads of information on the companies and copies of the presentations and Form 10 filings can be found here. A When-Issued market is expected to appear around the date of record for those interested in the individual components prior to the spin.

Disclosure: Author holds no position in any stock mentioned.

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