MUSKEGON, Mich.-SPX Corp. said it has signed a letter of understanding with Riken Corp. of Tokyo to acquire Riken's 49-percent interest in Sealed Power Technologies L.P. SPX, which already owns 49-percent of the business, will pay Riken $39 million and will assume about $200 million in debt.
Sealed Power is a global supplier of vehicle parts, including piston rings, cylinder sleeves and valve train components.