SPX Corporation has hailed improved performance at ClydeUnion Pumps as one of the reasons for its strongest financial quarters of the year, writes Greig Cameron.
The US firm bought the Glasgow business from Jim McColl's Clyde Blowers for a deal in the region of £750 million in December 2011.
However, SPX angered unions when it cut 80 jobs at the former Weir Pumps business in summer last year. Now SPX has posted a 14.1% fourth quarter revenue rise to $1.44 billion while net income rose from $63.5m to $140.8m.
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That helped boost full-year revenue numbers by 12.4% to $5.1bn while net income across 2012 grew from $185.6m to $262m. Christopher Kearney, chief executive of SPX, said: "We finished 2012 with our strongest financial quarter of the year, highlighted by sequential revenue growth and margin expansion across all three segments and an increased contribution from ClydeUnion."
SPX, which has its headquarters in Charlotte, North Carolina, expects 2013 revenues to be in the range of $5.1bn to $5.35bn. It said it will repurchase $200m of shares and make $250m of contributions to its US pension plan.
Mr Kearney added: "We are in a strong financial position with significant liquidity and have started 2013 well positioned for future growth."