UPDATE 1-SPX Corp to buy a Johnson Controls diagnostic unit


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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.

Charlotte, North Carolina-based SPX said the deal would expand its automotive diagnostics business into France. The company in 2005 bought CarTool, a German maker of automotive repair equipment.

(1 euro=$1.3699 U.S.) (Reporting by Scott Malone)



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