Carmanah Technologies Corp. said in a statement that it plans to sell its marine business to SPX Corp. for $77 million. The Carmanah brands include Sabik Oy, Sabik Oü, Sabik PTE Ltd. and Sabik Ltd.
“We are very pleased with this transaction,” said John Simmons, CEO of Carmanah, in the statement. “Not only is it fairly valued, but it also creates numerous opportunities for employees and customers alike. Combining Carmanah’s marine, aviation and airfield ground lighting products with SPX’s extensive infrastructure and broad distribution network is a great opportunity to further advance product development and extend the reach of these solutions.”
The sale is expected to close in January, pending regulatory and shareholder approvals.