PHI acquires Torraval Cooling, S.L.

Torraval Cooling, S.L., based in Zamudio (Vizcaya), has been acquired from the global engineering solutions provider SPX Corporation (publicly listed US company with global turnover of $5.000 million and over 15.000 employees).

As a step in the process to divest its non-core businesses, SPX Corporation sold the manufacturing, installation and maintenance business of cooling towers for a wide range of industries in Spain.

For this new phase of Torraval, PHI has designed a complete reorientation and turnaround plan for the business, focusing on the reinforcement of the maintenance services for over the 10.000 cooling systems installed throughout the Iberian Peninsula, as well as continuing with the current business line of building cooling towers.

PHI, with Torraval, sums its second acquisition during 2010, strengthening its market position as a Holding specialized in acquiring companies in special situation as well as non core business divestment of international corporations.