The $1.15bn sale is expected to be completed in the first half of 2012, at which time SPX expects to record an after-tax gain of around $450m - the equivalent of $8.65 per share.
US-based SPX, which has operations in more than 35 countries and employs over 18,000 employees, has recorded annual revenue of over $5bn.
“The sale of Service Solutions represents the latest significant development in the transformation of SPX,” said SPX chairman, president and CEO Chris Kearney.
“This divestiture narrows our strategic focus and enhances our ability to build out our Flow Technology segment. Flow Technology is the foundation of our company and we now expect that segment to represent more than 50% of our revenue going forward.”