SPX Corp. has sold its municipal water and wastewater valve business to St. Cloud, Minn.-based Granite Equity Partners and its affiliates for $29.75 million. The business has estimated annual revenues of around $60 million.

Don Cantera, president of SPX Process Equipment said, “This is a good business; however, our growth strategy for our valve business is focused on those global markets where our Copes-Vulcan, Febco, Daniel Valve, DeZurik and Mueller Steam Specialty brands are well-recognized and have opportunities to expand.”

The business, based in Sartell, Minn., was previously part of the company's Flow Technology segment.