SPX FLOW Remains Focused On Strategic Plan

Rhea-AI Summary

SPX FLOW, Inc. (NYSE: FLOW) announced the rejection of an unsolicited acquisition proposal from Ingersoll Rand Inc. (NYSE: IR) for $85.00 per share, determined to undervalue the company's growth potential. The Board of Directors evaluated the proposal with advisors and concluded it was not in the best interests of shareholders. SPX FLOW remains committed to executing its strategic plan aimed at delivering higher shareholder value and will provide updates during its Q2 2021 financial call on August 4, 2021.

Positive

• Board unanimously rejected a proposal that was deemed undervaluing, indicating confidence in the company's growth potential.
• Management is focused on sustained and profitable growth, aligning with shareholder interests.

Negative

• None.

CHARLOTTE, N.C., July 19, 2021 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW), a leading provider of process solutions, today confirmed its Board of Directors previously received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand Inc. (NYSE: IR) to acquire all outstanding shares of SPX FLOW common stock for $85.00 per share in cash.

After careful evaluation with its financial and legal advisors, the SPX FLOW Board of Directors unanimously rejected the proposal determining that it significantly undervalues SPX FLOW and its future growth prospects and is not in the best interests of the Company and its shareholders. The Board is confident that the continued successful execution of its strategic plan will deliver greater value to shareholders. The SPX FLOW Board and management team are open to all avenues to deliver shareholder value and remain focused on sustained and profitable growth.

SPX FLOW is in a quiet period and will provide an update on progress of the strategic plan during its second quarter 2021 financial results call to be held at 9:00 a.m. Eastern time on August 4, 2021.

Morgan Stanley & Co. LLC is serving as SPX FLOW's financial advisor and Winston & Strawn LLP is serving as its legal advisor.

About SPX FLOW, Inc.:

Based in Charlotte, N.C., SPX FLOW, Inc. (NYSE: FLOW) improves the world through innovative and sustainable solutions. The company's product offering is concentrated in process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities that are integral to processes performed across a wide variety of markets for nutrition, health and precision solutions. SPX FLOW had approximately $1.4 billion in 2020 annual revenues and has operations in more than 30 countries and sales in more than 140 countries. To learn more about SPX FLOW, please visit www.spxflow.com.

Media Contact:
Melissa Buscher
Chief Communications and Marketing Officer
Melissa.buscher@spxflow.com
704-449-9187

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SOURCE SPX FLOW, Inc.

FAQ

What was the acquisition proposal from Ingersoll Rand to SPX FLOW?

Ingersoll Rand proposed to acquire SPX FLOW shares at $85.00 each, which SPX FLOW's Board rejected as undervaluing the company.

Why did SPX FLOW's Board reject the acquisition proposal?

The Board believed the proposal significantly undervalued SPX FLOW and its future growth prospects.

When will SPX FLOW provide updates on its strategic plan?

SPX FLOW will update on its strategic plan during its Q2 2021 financial results call on August 4, 2021.

What is SPX FLOW's current financial outlook?

SPX FLOW is focused on executing its strategic plan to deliver higher shareholder value and achieve sustained growth.