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Charlotte-based SPX reaches agreement with hedge fund on board seats

Charlotte-based SPX Corp., an industrial-equipment manufacturer, said it reached an agreement with Relational Investors LLC for the activist investor to nominate up to two board directors.

Relational can nominate David Batchelder, who co-founded the fund with Ralph Whitworth, to theSPX board after the 2014 annual meeting, SPX said in a statement Tuesday. The investor can nominate a second director for election at the 2015 shareholder meeting. In exchange, Relational agreed to vote for the company’s directors, the pump maker said.

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