CHARLOTTE — SPX Corp.’s Service Solutions business has acquired privately held CarTool GmbH of Ingolstadt, Germany. CarTool is a manufacturer of special tools used to service and repair vehicles. With annual revenues exceeding $70 million, CarTool supplies the original equipment vehicle service and repair industry, primarily in Europe.
Commenting on the acquisition, David Kowalski, president of SPX’s Test and Measurement segment, said, “The CarTool acquisition will allow us to further expand our presence in Europe and continue to extend our customer base, utilizing CarTool’s long-standing customer relationships and well-recognized brand in the European market. In addition, CarTool has two facilities strategically located in the Munich area that will provide Service Solutions with a manufacturing presence in the German marketplace as well as additional distribution capability.”
Kowalski added that the acquisition supports SPX’s strategy to grow its Test and Measurement segment, one of its three core platforms. It will also allow Service Solutions to expand its geographic reach through CarTool’s existing relationships with select European vehicle manufacturers, he added.
For more information about SPX, go to: http://www.spx.com .
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