SPX Corporation

SPX Corporation

Company type	Public
Traded as	NYSE: SPXC S&P 600 Component
Industry	Multi-industry
Founded	Muskegon, Michigan (1912 (1912))
Headquarters	Charlotte, North Carolina , United States
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]

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.

References

External links

• 2020 Annual Report

This page was last edited on 19 February 2024, at 10:21