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

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.