Monday, December 29, 2014

Wayne pump-maker is $4 billion+ target: report

SPX would buy Gardner Denver, says Reuters

Wayne pump-maker is $4 billion+ target: report

Industrial tool-maker SPX Corp., Charlotte, is trying to raise $4.2 billion to buy Wayne-based industrial pump-maker Gardner Denver, reports Reuters here.

Gardner Denver's then-boss Barry Pennypacker, a St. Joseph's University grad, moved the company here from Quincy, Ill., two years ago because he said he wanted to be closer to customers, my colleague Mike Armstrong reported here.

But Pennypacker left abruptly last summer as activist investor ValueAct Capital (San Francisco/Boston) started accumulating shares. The board brought in Michael M. Larsen, a veteran of Trevose-based GE Water, and went up for sale, see also here.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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