German giant signs US $1.15bn deal for tool firm
MANUFACTURING giant SPX has agreed to sell its ‘Service Solutions’ business to Robert Bosch for US $1.15bn.
When the deal goes through, it is set to be the single largest acquisition in the aftermarket to date.
SPX is probably best known to garages through brands such as Robin Air, Miller Special Tools, OTC and Auto X-ray. The group employs around 2,700 people worldwide. In recent times the firm has lead the market for insulated tools and equipment suitable for work on EV and hybrid vehicles.
“Acquiring SPX Service Solutions will help make Bosch one of the leading providers of diagnostic solutions,” said Robert Hanser, president of the Automotive Aftermarket division. “The acquisition will allow us to considerably expand our market presence in the diagnostics business, particularly in North America. In addition, we will strengthen our position in Asia Pacific and Europe, especially in our diagnostics business with automakers.”
SPX will be the second big-name acquisition Bosch has made in a month. In early January it announced that it was to take over the operation of Unipoint – a large producer of automotive parts in Asia.