SPX Corporation

Last updated

SPX Corporation
Company type Public
NYSE:  SPXC
S&P 600 Component
Industry Multi-industry
Founded Muskegon, Michigan (1912 (1912))
Headquarters,
Revenue
  • US$1.105 billion (2020)
[1]
Number of employees
6,000 (2015)
Website www.spx.com

SPX Corporation (NYSE: SPXC) is a supplier of highly engineered infrastructure equipment and technologies. [2] [3] [4] The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions. [2] [3] [4] [5] [6] Examples of SPX’s products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers. [6] Brands include Waukesha, Dielectric, Fahrenheat, Radiodetection, and Pearpoint. [6] SPX operates in 17 countries with a sales presence in 100 countries. [4] [6] In 2019, the company earned approximately $1.5 billion in annual revenue. [4] Based in Charlotte, North Carolina, SPX employs over 6,000 employees. Eugene Joseph Lowe is the CEO. [7]

Contents

History

SPX was founded on December 20, 1911 in Muskegon, Michigan, as the Piston Ring Company by Charles E. Johnson and Paul R. Beardsley. [8] [9] [10] The company was entirely devoted to the production of piston rings of leading engine builders. [9] In 1925, Piston Ring bought the No-Leak-O Piston Ring Company, allowing the company to increase production of engine components. [9] [11] After acquiring Accuralite Company in 1931, the company changed its name to Sealed Power Corporation and also started manufacturing piston rings, pistons and cylinder sleeves for various military applications. [8]

Sealed Power Co.’s first plant opened outside Muskegon in 1946. [9] [10] In 1957, a Replacement Distribution Center was added in LaGrange, Indiana. The new distribution center serviced 33 smaller distribution outlets in major cities throughout the United States and Canada. [9] [10]

The company acquired Kent-Moor Corporation in 1982. Within its first year, Kent-Moore contributed $86 million to Sealed Power. [9] [12] In 1985, Sealed Power expanded even further by acquiring the Owatonna Tool Company (OTC) and its subsidiaries. [9] [12] That same year the V.L. Churchill Group of Daventry, England, was also acquired, giving Sealed Power an international overseas presence. [9] Through its multiple acquisitions, the company broadened its production and market scope. In 1988, the company changed its name to SPX Corporation. For the next 10 years, they remained a U.S.-centric automotive component manufacturer with nearly $1 billion in sales. [8] In 1998, General Signal Corporation was acquired for $2.3 billion, specializing in production of process control, electrical control, and industrial technological industries. [9] [13] United Dominion Industries Limited, a manufacturer of engineered products, was acquired in 2001. [9] [14] SPX’s headquarters relocated to Charlotte, North Carolina, in 2002. [9]

In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately 1.15 billion dollars to Robert Bosch GmbH. [15] [16] [17]

In 2015, SPX Flow was founded, a spin-off from its parent company. [18] Led by Chris Kearney and Jeremy Smeltser, SPX Flow supplies highly engineered flow components, process equipment, and turn-key systems to food and beverage, power and energy, and industrial end markets. [18] After splitting from SPX Flow, SPX acquired both CUES Inc., a pipeline inspection manufacturer, and Schonstedt Instrument Co., a manufacturer and distributor of magnetic locator products, in 2018. [19] [20] In December of that year, SPX announced that it would also acquire the marine and aviation warning-light corporation Carmanah Technologies. [21]

In 2019, the corporation acquired SGS Refrigeration Inc., a manufacturer and supplier of industrial refrigeration products, following its ongoing partnership since 2015. [22] Patterson-Kelley was acquired that same year to join SPX’s HVAC solutions division. [23]

In September 2020, SPX acquired ULC Robotics Inc., a developer of robotics systems and inspection technology for natural gas networks, in a $135 million deal. [24] [25] Sensors & Software Inc. was also acquired by SPX in November 2020. Sensors & Software Inc. is an Ontario-based manufacturer and distributor of Ground Penetrating Radar (GPR) products used for geotechnical and geological investigations, unexploded ordnance detection, and locating underground utilities. The company joined SPX’s Radiodetection business unit. [4] From 2017-2020, SPX’s earnings per share (EPS) has grown by 70% per year. Its revenue is up by 1.6% in 2020. [26]

In February 2024, SPX expanded its Heating Ventilation and Air-Conditioning business by acquiring, Ingenia Technologies [27] , a Canadian manufacturer of custom commercial air handling units, headquartered in Mirabel, Quebec. The acquisition amounting to $300 million included cash and associated real estate in its valuation.

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