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SPX sells unit

CHARLOTTE, N.C., Dec. 31 (UPI) -- SPX of Charlotte, N.C., said Friday it has sold its municipal water and municipal wastewater valve business to Granite Equity Partners of St. Cloud, Minn.

SPX said it sold the units to Granite for $29.75 million.

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The water valve and related business has annual estimated revenues of $60 million.

Don Canterna, president of SPX Process Equipment said: "Completing the sale of this business allows us to reallocate our resources to the growth opportunities in our key served markets. This is a good business; however our growth strategy for our valve business is focused on those global markets."

SPX is a global provider of technical products and systems.

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