A majority black-owned investment business, Kapela Holdings, and its broad-based partner Disability Empowerment Concerns Trust has bought a 25.1% stake in New York-listed SPX Corporation’s South Africa-based flow technology business.
The broad-based black economic-empowerment deal would see Kapela executive chairperson Israel Skosana and director Daphne Motsepe appointed nonexecutive directors of SPX Flow Technology in South Africa.
The other terms of the transaction were not disclosed.
“SPX businesses have been active in South Africa for over 30 years and the strategic sale of a minority stake in our South African Flow Technology business is designed to help drive our continued expansion in the region,” said SPX Flow Technology Africa GM Werner van Vuuren.
SPX Flow Technology assists companies in a range of industries, including the food and beverage, mining and minerals, oil and gas, chemicals, biotechnology, power generation, marine and compressed air industries; improved the performance and profitability of manufacturing operations and processes with engineered components, such as pumps, valves, heat exchangers and dryers; and provides complete packaged systems.