Thursday, July 2, 2015

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.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at,, 215.854.5194 or 302.652.2004.

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