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Thermax has entered into a definitive agreement with Germany-based companies Mutares Holding-24 AG and Balcke-Duerr GmbH to acquire their shareholding in its joint venture Thermax SPX Energy Technologies Ltd. According to the Thermax web site, it owns 51 per cent in the JV. Post transfer of shares, TSPX will become a wholly-owned arm of Thermax. The company did not disclose the deal value. Shareholders of Thermax will monitor developments.
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