Automotive Diagnostic Solutions bought by SPX
US multinational Teradyne has agreed to sell its Stockport-based Automotive Diagnostic Solutions business to the SPX Corporation engineering group for an undisclosed sum.
Teradyne, listed on the New York Stock Exchange, specialises in testing electronics used in consumer goods, cars, aeroplanes and telecommunications systems.
Its Automotive Diagnostic Solutions unit, which has some 40% of its operations in Munich and Detroit, works with transport manufacturers and their suppliers. The business turned over £25m last year and supports more than 127 manufacturing locations worldwide and more than 25,000 dealerships.
It was set up in 1981 as Cirrus Designs but was bought three years later by US-based GenRad which developed a diagnostic system for the electrics in Jaguar’s XJS. It went on to work for other car makers including Ford and Honda, and merged with Teradyne in 2001.
SPX, which is also listed on the New York Stock Exchange, said the acquisition would enhance its ability to “deliver innovative solutions to all segments of the vehicle service market”.
Teradyne president Mike Bradley said: “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. Diagnostic Solutions is a good fit with SPX and we wish the combined team great success.”
The Leeds office of law firm Eversheds advised SPX on the deal.
