Gnarus Assists SPX Technologies in Legacy Asbestos Liability Divestiture Transaction
Dr. Jessica Horewitz of Gnarus Advisors LLC recently performed liability estimation services in support of SPX Technologies, Inc.’s successful divestiture of three wholly-owned subsidiaries, in which their legacy asbestos liabilities resided, to Canvas Holdco LLC. Dr. Horewitz and her Gnarus team were asked to perform a comprehensive analysis of the SPX liabilities and a review of the associated insurance portfolio that formed the basis of the strategic business transaction. SPX has noted that, as a result of the transaction, “all asbestos liabilities and related insurance assets will not be included in SPX’s consolidated year-end 2022 balance sheet.” SPX further noted that it “anticipates that the divestiture will result in an annual benefit to its Adjusted Earnings Per Share of $0.08 to $0.10 beginning in 2023.” Additional details may be found in the joint press release here.
Gnarus Advisors and its recognized experts have extensive experience performing liability estimation services for the purposes of financial reporting, insurance allocation and commutation, corporate restructuring, and transactions including bankruptcy, potential tort settlements, and the value of future unasserted claims. For more information, please visit www.gnarusllc.com.