2/26/2013

Ralph Whitworth, the Billionaire Hedge Fund Manager who runs Relational Investors, disclosed last night that his fund now owns an 8.76% stake in SPX Corp. (SPW).

Relational said in a statement ““Despite the company’s attractive business mix, total shareholder returns and profitability have lagged peers’ due primarily to excessive prices paid for acquisitions”

Whitworth has urged SPX Corp. to sell assets and hone its acquisition strategy.

SPX corp ($SPW) produces industrial equipment for a variety of industries, and has been actively pursuing acquisitions.