|By Business Wire||
|February 16, 2011 05:01 PM EST||
Teradyne, Inc. (NYSE: TER) announced today that it has reached an agreement to sell its Automotive Diagnostic Solutions unit to SPX Corporation. Diagnostic Solutions, which serves transportation OEMs, tier-one suppliers and independent service providers is based in Manchester, England and has other major operations in Munich and Detroit. The terms of the sale were not disclosed. Completion of the transaction is expected no later than the second quarter 2011.
“We’re pleased to enter an agreement which will connect Diagnostic Solutions to a leader in the automotive test market where their technology and customer base can be further leveraged,” said Mike Bradley, Teradyne President and CEO. “Diagnostic Solutions is a good fit with SPX and we wish the combined team great success."
Teradyne (NYSE:TER) is the leading supplier of Automatic Test Equipment used to test complex electronics used in the consumer electronics, automotive, computing, telecommunications, and aerospace and defense industries. In 2010, Teradyne had sales of $1.6 billion and employs about 3,000 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.
Safe Harbor Statement
This release contains forward-looking statements concerning the expected consummation of the contemplated transaction. The transaction is subject to closing conditions and regulatory approvals so there can be no assurance that the transaction will close as expected. While Teradyne may update the forward-looking statements in this release, it specifically disclaims any obligation to do so.