SPX, Thermax Strike Joint Venture Deal In India

CHARLOTTE, N.C. (AP) — Industrial equipment maker SPX Corp. and energy and environment management company Thermax Ltd. said Wednesday that they entered a joint venture to market SPX's products to India's power sector and selectively to Southeast Asia.

The joint venture will be located in Pune, India, with Thermax owning 51 percent and SPX owning the remaining 49 percent.

The partnership will initially market SPX products for coal-fired power plants producing more than 300 megawatts. Products include the company's Balcke-Durr branded rotary heat exchangers, electrostatic precipitators and bag filters. The rotary heat exchangers are designed to enhance the efficiency and performance of large coal-fired plants, while electrostatic precipitators and bag filters are designed to reduce emissions.

"Our joint venture with Thermax in India represents a significant milestone in SPX's global expansion plans and will enable our two companies to contribute our combined proven technologies and industry expertise toward the advancement of India's energy infrastructure," said Christopher Kearney, SPX's CEO.

The two companies have a pre-existing relationship that dates back to 2007, when Thermax first became a licensee of SPX's Balcke-Durr branded, sub-300 megawatt electrostatic precipitator technology for smaller power stations.

Shares of the company rose 1 cent to $57.39 in afternoon trading.