SPX Corp. Reaches Settlement With General Signal Power Systems
SPX Corp. (Muskegon, MI) declared that it has reached a settlement in the patent infringement suit between its subsidiary, General Signal Power Systems (GSPC, Necedah, WI), and American Power Conversion Corp. (APC, West Kingston, RI). Under the terms of the settlement, APC will pay SPX $48 million in consideration for a license under patents involving the manufacture of uninterruptible power supply products. The $48 million consideration is payable in June and will be reduced by legal and other expenses associated with this lawsuit. Twenty-five percent of the net proceeds will be payable to Invensys (London). SPX's subsidiary, GSPC (Best Power), brought the patent infringement suit against APC last year in the U.S. District Court for the Western District of Wisconsin. Although SPX sold Best Power to Invensys at the end of last year, it retained ownership of the Best Power patents.