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.

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