June 5 (Reuters) - Diversified U.S. manufacturer SPX Corp would consider making acquisitions larger than $1 billion as it looks to expand its presence in flow-control, where it sells equipment used to produce everything from oil to dairy products.
“It’s always a possibility. I think there are a lot of great companies out there that are interesting,” said Jeremy Smeltser, who will take over as chief financial officer when Patrick O‘Leary retires this summer. “It’s important for us always to be aware of what’s in the market.”
Smeltser made his comment in response to an analyst’s question about whether the company would consider $1 billion-plus acquisitions.
The Charlotte, North Carolina-based company, which also makes products including cooling towers for power plants and electrical transformers, over time aims to continue to increase its flow technology business as a portion of its overall portfolio, both by buying new units and by selling operations in other industries.
“The businesses that are left in SPX outside of flow are ones that purposefully are there,” Smeltser told an investor conference, adding, “at the right times outside of flow it is likely that we would withdraw capital.” (Reporting By Scott Malone; editing by Carol Bishopric)