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SPX Corporation

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SPX Corporation
Company typePublic
NYSE: SPXC
S&P 600 Component
IndustryMulti-industry
FoundedMuskegon, Michigan (1912 (1912))
Headquarters
Charlotte, North Carolina
,
United States
Key people
Eugene Joseph Lowe (CEO)
Revenue
  • US$1.105 billion (2020)
[1]
Number of employees
6,000 (2015)
Websitewww.spx.com

SPX Corporation is an American manufacturing company, headquartered in Charlotte, North Carolina.[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, Genfare, Fahrenheat, Radiodetection, and Pearpoint.[6] SPX operates in 17 countries with a sales presence in 100 countries, and over 6,000 employees worldwide.[4][6] In 2019, the company earned approximately $1.5 billion in annual revenue.[4]

History

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SPX was founded on December 20, 1911 in Muskegon, Michigan, as the Piston Ring Company by Charles E. Johnson and Paul R. Beardsley.[7][8][9] The company was entirely devoted to the production of piston rings of leading engine builders.[8] In 1925, Piston Ring bought the No-Leak-O Piston Ring Company, allowing the company to increase production of engine components.[8][10] 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.[7]

Sealed Power Co.’s first plant opened outside Muskegon in 1946.[8][9] 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.[8][9]

The company acquired Kent-Moore Corporation in 1982. Within its first year, Kent-Moore contributed $86 million to Sealed Power.[8][11] In 1985, Sealed Power expanded even further by acquiring the Owatonna Tool Company (OTC) and its subsidiaries.[8][11] That same year the V.L. Churchill Group of Daventry, England, was also acquired, giving Sealed Power an international overseas presence.[8] 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.[7] In 1998, General Signal Corporation was acquired for $2.3 billion, specializing in production of process control, electrical control, and industrial technological industries.[8][12] United Dominion Industries Limited, a manufacturer of engineered products, was acquired in 2001.[8][13] SPX’s headquarters relocated to Charlotte, North Carolina, in 2002.[8]

In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately $1.15 billion to Robert Bosch GmbH.[14][15][16]

In 2015, SPX Flow was founded, a spin-off from its parent company.[17] 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.[17] 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.[18][19] In December of that year, SPX announced that it would also acquire the marine and aviation warning-light corporation Carmanah Technologies.[20]

In 2019, the corporation acquired SGS Refrigeration Inc., a manufacturer and supplier of industrial refrigeration products, following its ongoing partnership since 2015.[21] Patterson-Kelley was acquired that same year to join SPX’s HVAC solutions division.[22]

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.[23][24] 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.[25]

In February 2024, SPX expanded its Heating Ventilation and Air-Conditioning business by acquiring, Ingenia Technologies,[26] 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

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  1. ^ "SPXC Revenue EPS". Nasdaq.
  2. ^ a b "SPX Corp". Bloomberg.
  3. ^ a b "SPX Announces Purchase of Sensors & Software Inc". Bloomberg. November 12, 2020.
  4. ^ a b c d e "SPX Announces Purchase of Sensors & Software Inc". Globe Newswire. November 12, 2020.
  5. ^ "SPX Corporation (SPXC)". Yahoo Finance.
  6. ^ a b c d "SPX Corporation Company Profile". Dun & Bradstreet.
  7. ^ a b c "History and Heritage". SPX. Retrieved March 11, 2016.
  8. ^ a b c d e f g h i j k "SPX Corporation History". Funding Universe.
  9. ^ a b c Blake, Laura (July 5, 1993). "SPX Sees Profit with Acquisition". Grand Rapids Business Journal: B7.
  10. ^ Dorfman, Dan (March 3, 1989). "Money Follows Goldberg's Moves". USA Today.
  11. ^ a b "Car Parts: A Replacement Bias". New York Times. April 15, 1985.
  12. ^ "Company News; SPX Announces Acquisition of General Signal". New York Times. July 21, 1998.
  13. ^ "Company News; SPX Will Acquire United Dominion Industries". New York Times. March 13, 2001.
  14. ^ "Bosch (Robert Bosch GmbH)". Federal Trade Commission. April 24, 2013.
  15. ^ "Bosch buys SPX for more than $1 billion". Modern Tire Dealer. January 24, 2012.
  16. ^ Wilson, Jen (December 4, 2012). "SPX closes $1.15B sale of automotive-tools business to Bosch". Charlotte Business Journal.
  17. ^ a b Cornell, Joe (September 9, 2015). "SPX (SPW) to Spin-Off [sic] Flow Business". Forbes.
  18. ^ Downey, John (June 7, 2018). "SPX closes $189M acquisition, boosts earnings projection". Charlotte Business Journal.
  19. ^ "SPX Announces Purchase of Schonstedt Instrument Company". Globe Newswire. March 1, 2018.
  20. ^ Downey, John (December 13, 2018). "SPX Corp. makes $77M acquisition". Charlotte Business Journal.
  21. ^ "SPX acquires SGS Refrigeration". Cooling Post. July 9, 2019.
  22. ^ "SPX acquires Patterson-Kelley from Harsco Corp". HPAC. November 19, 2019.
  23. ^ Schachter, Ken (September 4, 2020). "SPX Corp. acquires ULC Robotics in deal worth up to $135M". Newsday.
  24. ^ Battershall, Cole (September 3, 2020). "Charlotte-based SPX acquires robotics firm for $90M". WRAL Tech Wire.
  25. ^ "What Can We Make Of SPX's CEO Compensation?". Simply Wall St. December 7, 2020.
  26. ^ "SPX Technologies Announces Acquisition of Ingénia". SPX Releases. SPX. Retrieved February 8, 2024.
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