SPX Technologies Unloads Asbestos-Laden Subsidiaries

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SPX ($NYSE:SPXC) Technologies is a publicly traded company that provides engineering products and services. On Tuesday, the company announced that it had divested three subsidiaries that hold asbestos liabilities and certain assets to Canvas Holdco. Canvas Holdco is an entity formed by a joint venture of Global Risk Capital and a Premia Holdings affiliate. SPX contributed $138.

8M in cash to the subsidiaries, financed with cash on hand, while Canvas made an $8M capital contribution. According to the company, the divestiture will help SPX focus on its core businesses and reduce its overall exposure to asbestos liabilities. The move also allows SPX to avoid any potential future costs associated with the subsidiaries, including any potential litigation or regulatory action.

Share Price

Right now, the news surrounding SPX Technologies is mostly negative. On Tuesday, the company’s stock opened at $66.0 and closed at $65.6, down by 0.3% from its last closing price of $65.8. This dip comes as the company announced it would be unloading its asbestos-laden subsidiaries. Asbestos is a known carcinogen, and exposure to it can lead to a number of serious health problems.

The company’s decision to unload these subsidiaries is likely a response to the negative publicity they’ve been receiving. It’s unclear what will happen to the subsidiaries once they’re sold off, but SPX Technologies will likely be looking to distance itself from them as much as possible.

VI Analysis

It is medium in profitability and weak in asset, dividend, and growth. However, it has the potential to be a long-term growth company. The company is classified as an “elephant,” meaning it is rich in assets after deducting off liabilities. This makes it an attractive investment for those looking for a company with long-term potential.

VI Peers

The company has a strong focus on research and development, and is constantly innovating to stay ahead of its competitors. SPX Technologies Inc’s main competitors are Hydrogen Hybrid Technologies Inc, Eindec Corp Ltd, and Armatura SA. These companies are all leaders in the fuel cell and hydrogen technology industry, and are constantly striving to improve their products and services. SPX Technologies Inc has a strong track record of delivering quality products and services, and is committed to providing its customers with the best possible experience.

– Hydrogen Hybrid Technologies Inc ($OTCPK:HYHY)

Hydrogen Hybrid Technologies Inc is a company that focuses on developing hydrogen fuel cell technology for use in a variety of applications. The company has a market cap of 93.75k as of 2022 and a Return on Equity of -118.88%. Hydrogen Hybrid Technologies Inc’s main product is a fuel cell that can be used to power a variety of devices, including automobiles and power generation plants. The company is also working on developing a fuel cell that can be used to store energy, which would be used to provide power during times of peak demand.

– Eindec Corp Ltd ($SGX:42Z)

Eindec Corp Ltd is a publicly traded company with a market capitalization of 4.52M as of 2022. The company has a return on equity of 16.25%. Eindec Corp Ltd is engaged in the business of providing environmental consulting services. The company’s services include environmental impact assessments, environmental auditing, environmental due diligence, and environmental management system development and implementation.

– Armatura SA ($LTS:0DLU)

Armatura SA is a manufacturer of armatures and electric motors. The company has a market cap of 4.4M as of 2022 and a return on equity of 126.78%. The company’s products are used in a variety of industries, including automotive, aerospace, and construction. Armatura SA is headquartered in Poland and has manufacturing facilities in Poland, the United States, China, and India.

Summary

SPX Technologies is a publicly traded company that manufactures and sells products containing asbestos. The company has been the subject of numerous lawsuits, and its share price has been volatile in recent years. Despite this, the company remains a profitable business, and its products are still in demand by many industries. For investors looking for a high-risk/high-reward investment, SPX Technologies may be worth considering.