SPX Corp. to buy Johnson Controls diagnostic unit

Newswire

BOSTON, July 31 (Reuters) - Diversified manufacturer SPX Corp. said on Tuesday it had reached a deal to buy the European automotive diagnostics division of Johnson Controls Inc. for 32 million euros ($43.8 million). Johnson's automotive diagnostics unit last year generated about $80 million in revenue. SPX said it expects the deal to close in the third quarter of 2007. (1 euro=$1.3699 U.S.) (Reporting by Scott Malone)

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