Updated from 11:03 a.m. EDT
, a maker of industrial and technical products, said Monday that it would likely report a pretax charge of $76.1 million, or $1.39 a share, in the third quarter, mainly because of facility closings and consolidation.
During the third quarter, the company's service solutions division closed its Wayland, Mich., facility and scaled back its financial and administrative operations at its Kalamazoo, Mich., and Montpelier, Ohio, locations.
The service solutions unit also is consolidating several of its European operations into its Hainburg, Germany, facility and restructuring its manufacturing operation in Brazil, according to the company, which is based in Muskegon, Mich.
In addition, SPX acquired
Fenner Fluid Power
in April and moved ahead with plans to close a facility in Minnesota and consolidate its operations into Fenner's Rockford, Ill., site. The combined business is called
SPX Fluid Power
Nearly $64 million of the charge -- including $21.7 million for severance and termination benefits -- is largely associated with the restructuring efforts, while another $12.3 million is linked to special expenses the company expects to take after discontinuing certain products.
Shares of SPX, which have risen more than 60% since the beginning of the year, finished Monday regular trading up $4.06, or 3%, at $132.
"We are taking action now to discontinue lower margin product lines, consolidate manufacturing capacity and position the businesses to exceed customer expectations," John B. Blystone, chairman and chief executive of SPX, said in a statement.