) edged up 0.17% following the news that its subsidiary, Flow Food
and Beverage, has received an $18 million contract from
Australia-based agribusiness company, GrainCorp Foods.
Per the contract, the SPX unit is required to provide designs as
well as installation services for a margarine processing system to
GrainCorp. SPX will be using its own process equipment and
components for this installation.
The processing facility will consist of an area for preparing
the emulsion, which will be connected to four separate margarine
production lines. SPX's Denmark team will undertake the designing
and management of the automation and control system. This apart,
the other mechanical and electrical installations will be handled
by the company's Australian team. This will ensure that the project
is in accordance with Australian regulations.
GrainCorp Oils, a unit of GrainCorp Foods, will be investing
$117 million for expanding and upgrading its manufacturing
facilities in Australia, especially in Numurkah and West Footscray
SPX's proven experience in processing food and beverage across
the globe along with its Australian team's regional knowledge will
significantly benefit the project.
SPX currently carries a Zacks Rank #3 (Hold). Promising stocks
that are worth considering include
Douglas Dynamic, Inc.
Standard Motor Products Inc.
Franklin Electric Co., Inc.
). All the three stocks carry a Zacks Rank #2 (Buy).
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