CEO: A Strategic and Cultural Fit
“This acquisition builds on our core strength in highly engineered components, brings adjacent technologies to the core, expands our total addressable market, it is well run and to top it off is an outstanding cultural fit,” ITT President and CEO Luca Savi said.
Lone Star’s Multi-Year Restructuring Culminates in Major Exit
Lone Star confirmed the deal in a separate statement, noting SPX Flow’s extensive scale: operations in over 25 countries and sales reaching more than 140 countries.
The private equity firm acquired SPX Flow in a $3.8 billion take-private transaction in April 2022, after striking the agreement in late 2021. Since then, Lone Star oversaw a series of portfolio adjustments, including selling SPX’s air treatment business to Ingersoll Rand for $525 million.
“The sale of SPX FLOW marks the culmination of several years of hard work to streamline its portfolio and enhance the business,” Lone Star CEO Donald Quintin said. “Together, ITT and SPX FLOW will have a unique opportunity to accelerate value creation across both organizations.”
