CHARLOTTE, N.C., July 26, 2021 /PRNewswire/ -- SPX FLOW, Inc.
(NYSE: FLOW), a leading provider of process solutions, today
announced that its Board of Directors has authorized a review of
strategic alternatives, including a possible sale or merger of the
Company and the continued execution of the Company's standalone
strategy. Previously, the Company announced that its Board of
Directors had received and rejected an unsolicited, conditional,
non-binding proposal from Ingersoll Rand Inc. (NYSE: IR) to
acquire all outstanding shares of SPX FLOW common stock for
$85.00 per share. This followed
a similar unsolicited proposal from Ingersoll Rand for $81.50 per share.
After careful review with its legal and financial advisors, and
with the recommendation of a committee of independent directors
formed to evaluate the potential transaction, the Board concluded
that the proposals did not adequately value the Company in light of
the Board's confidence in the potential for increased profit
margins and growth associated with the Company's successful
execution of its strategic plan.
As a result of additional inquiries received from interested
parties, the Board believes it is appropriate to initiate its
review of a broad range of strategic alternatives with the goal of
delivering the most value to our shareholders. With the assistance
of outside advisors, the Company expects to engage with multiple
parties and, subject to customary confidentiality and other
protections, share additional information relating to the Company
and its growth plans.
No assurances can be given regarding the outcome or timing of
the review process. SPX FLOW does not intend to make any further
public comment regarding the review until it has been completed or
the Company determines that disclosure is required or
appropriate.
Morgan Stanley & Co. LLC is serving as SPX FLOW's financial
advisor and Winston & Strawn LLP is acting as its legal
advisor.
About SPX FLOW, Inc.
Based in Charlotte, N.C., SPX
FLOW, Inc. (NYSE: FLOW) improves the world through innovative and
sustainable solutions. The company's product offering is
concentrated in process technologies that perform mixing, blending,
fluid handling, separation, thermal heat transfer and other
activities that are integral to processes performed across a wide
variety of markets for nutrition, health and precision solutions.
SPX FLOW had approximately $1.4
billion in 2020 annual revenues and has operations in more
than 30 countries and sales in more than 140 countries. To learn
more about SPX FLOW, please visit www.spxflow.com.
Certain statements contained in this announcement that are not
historical facts, including any statements as to future market
conditions, results of operations and financial projections, are
forward-looking statements and are thus prospective. These
forward-looking statements are subject to risks, uncertainties and
other factors which could cause actual results to differ materially
from future expressed or implied results.
Although SPX FLOW believes that the expectations reflected in
its forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to be
correct. Estimates of future operating results are based on
the company's continuing operations, which are subject to
change.
Particular risks facing SPX FLOW include risks relating to
economic, business and other risks stemming from changes in the
economy, the impact of the COVID-19 pandemic, our international
operations, legal and regulatory risks, cost of raw materials, and
pricing pressures. More information regarding such risks can
be found in SPX FLOW's SEC filings.
Statements in this presentation are only as of the time made,
and SPX FLOW does not intend to update any statements made in this
presentation except as required by regulatory authorities.
Investor Contact:
Scott
Gaffner
VP, Investor Relations and Strategic Insights
704-752-4485
investor@spxflow.com
Media Contact:
Melissa
Buscher
Chief Communications and Marketing Officer
704-449-9187
Melissa.buscher@spxflow.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spx-flow-announces-exploration-of-strategic-alternatives-301340773.html
SOURCE SPX FLOW, Inc.
