SPX Dock Products sold to management team
New dock equipment company will be known as 4Front Engineered Solutions, Inc.
-- Modern Materials Handling, 10/25/2006
In a move six months in the making, SPX Corp. has sold its dock products business to that division’s existing management team and private equity firm Wynnchurch Capital. The new company, which will continue to be based in Carrollton, Texas, will be known as 4Front Engineered Solutions, Inc., says president Keith Moore.
Sale of the dock products division follows pressure from shareholders of SPX to simplify its portfolio. In addition to the $150 million plus dock products division, SPX is selling off other businesses not considered to be core platforms, says Moore. SPX remains in three businesses—flow technology, test and measurement and thermal equipment services.
Moore adds that the sale comes on the heels of “a significant turnaround in the business” in the past three years. As a result, he says, the new company is in an excellent financial position as it goes out on its own. Current staff will remain in place without layoffs, says Moore.
4Front Engineered Solutions supplies the Kelley, Serco, TKO Dock Doors, Load Hog and APS Resource product lines. “We will continue to invest in improvements to our products as we continue to offer high quality and high value. It’s a pretty simple strategy,” says Moore. At least one new product enhancement will be introduced before year end, he adds.
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