Michigan Company To Buy Newtown’s Kendro Lab

MUSKEGON, MI. — SPX Corporation (NYSE: SPW) announced that it has signed a definitive agreement to acquire Kendro Laboratory Products, LP, for $320 million in cash. Kendro, headquartered in Newtown on Peck’s Lane, is a global leader in designing, manufacturing, and marketing sample-preparation and processing products and services for life-sciences markets including pharmaceuticals, genomics, proteomics, and others.

Kendro today is owned by Banc One Venture Partners; Heraeus Holding, GmbH; and Carlisle Enterprises, LLC. Upon completion of the acquisition, Kendro will become part of Revco Technologies, SPX’s life-sciences business unit based in Asheville, North Carolina. The transaction is expected to be complete in late July, subject to regulatory approvals.

Commenting on the announcement, John B. Blystone, chairman, president and chief executive officer of SPX Corporation, said, “The acquisition of Kendro is another key step in our plan to grow through the addition of technology. We believe Kendro’s complementary product lines, global sales and marketing forces, growth strategy, and strong global brand equity will accelerate Revco’s growth and provide the product portfolio necessary to expand our businesses in the worldwide clinical, pharmaceutical, life-science, and research markets. The combined company will derive more than 50 percent of its revenues from international markets.”

“Revco has the financial resources and strategic commitment to help Kendro continue to grow and succeed in the vital markets we serve,” said Marc N. Casper, president and CEO of Kendro. “Revco is the best possible partner for Kendro because it shares our mission of helping our customers succeed by providing them the best possible products and service.”

Kendro markets its products under the Heraeus, Sorvall, and CARR brand names. Its product lines include centrifuges, incubators, ovens, freezers, and clean-air equipment. Many of its products serve the bioprocessing and drug-discovery segments of the life-sciences market. The company has annual revenues in excess of $200 million and more than 1,200 employees around the world.. Information on Kendro is available at www.kendro.com.

Revco Technologies is a leader in the design and manufacture of ultra-low temperature freezers, blood banks, refrigerators, laboratory refrigerators, incubators, ovens, furnaces, waterbaths, and other controlled-temperature equipment for the life science, biotech, pharmaceutical, and clinical laboratory markets. These products are offered under the industry leading brand names including Revco, Jewett, Harris, Lindberg/Blue M, Puffer Hubbard, and Queue. Information on Revco Technologies is available at www.revcotech.com.

SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation’s home page is www.spx.com.