German automotive-parts maker Bosch said it has agreed to acquire SPX Service Solutions, a Warren, Mich.-based manufacturer of car-service tools, workshop equipment and software, for $1.15 billion.
"The Bosch Automotive Aftermarket Division plans to acquire the Service Solutions business of SPX Corp. An agreement to this effect was signed on Jan. 23," Bosch said in a statement.
Bosch said SPX Service Solutions "develops, manufactures and sells diagnostic and service tools, workshop equipment and software for the global automotive aftermarket" and had estimated sales of $920 million last year.
"Acquiring SPX Service Solutions will help make Bosch one of the leading providers of diagnostic solutions," said division chief Robert Hanser.
"The acquisition will allow us to considerably expand our market presence in the diagnostics business, particularly in North America," Hanser said. "In addition, we will strengthen our position in Asia Pacific and Europe, especially in our diagnostics business with automakers."
Copyright Agence France-Presse, 2011