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SPX strengthens ties with Chinese company

SPX Corp. said Thursday it is strengthening its alliance with Launch Tech Co. Limited of China.

In July, SPX announced that it had entered into a framework agreement for a strategic alliance with Launch Tech. That agreement calls for the evaluation of global co-marketing programs and distribution networks. 

SPX owns shares in the company and has a roughly 7 percent minority equity position.

Founded in 1992, Launch Tech manufactures and markets automotive aftermarket equipment and service solutions for repair centers, currently serving 400 distributors in 60 countries. In 2009, the company reported $68 million in revenues, with approximately 50 percent of those sales generated in China.

SPX is a Fortune 500 manufacturing company with 15,000 employees in more than 35 countries.

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