Company:SPX Corporation

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Short description: American manufacturing company


SPX Corporation
TypePublic
NYSE: SPXC
S&P 600 Component
IndustryMulti-industry
FoundedMuskegon, Michigan (1912 (1912))
Headquarters
Charlotte, North Carolina
,
United States
Revenue
  • US$1.105 billion (2020)
[1]
Number of employees
6,000 (2015)
Websitewww.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]

References

  1. ↑ "SPXC Revenue EPS". Nasdaq. https://www.nasdaq.com/market-activity/stocks/spxc/revenue-eps. 
  2. ↑ 2.0 2.1 "SPX Corp". Bloomberg. https://www.bloomberg.com/profile/company/SPXC:US. 
  3. ↑ 3.0 3.1 "SPX Announces Purchase of Sensors & Software Inc.". Bloomberg. 12 November 2020. https://www.bloomberg.com/press-releases/2020-11-12/spx-announces-purchase-of-sensors-software-inc. 
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "SPX Announces Purchase of Sensors & Software Inc.". Globe Newswire. 12 November 2020. https://www.globenewswire.com/news-release/2020/11/12/2125617/0/en/SPX-Announces-Purchase-of-Sensors-Software-Inc.html. 
  5. ↑ "SPX Corporation (SPXC)". Yahoo Finance. https://finance.yahoo.com/quote/SPXC/profile/. 
  6. ↑ 6.0 6.1 6.2 6.3 "SPX Corporation Company Profile". Dun & Bradstreet. https://www.dnb.com/business-directory/company-profiles.spx_corporation.df339599626caca4d0fbb439a5cab74c.html. 
  7. ↑ "SPX Corporation (SPXC) Soars 6.69%". Equities News. 24 November 2020. https://www.equities.com/news/spx-corporation-spxc-soars-6-69-on-november-24. 
  8. ↑ 8.0 8.1 8.2 "History and Heritage". SPX. http://www.spx.com/en/our-company/history-and-heritage/. Retrieved March 11, 2016. 
  9. ↑ 9.00 9.01 9.02 9.03 9.04 9.05 9.06 9.07 9.08 9.09 9.10 "SPX Corporation History". Funding Universe. http://www.fundinguniverse.com/company-histories/spx-corporation-history/. 
  10. ↑ 10.0 10.1 10.2 Blake, Laura (July 5, 1993). "SPX Sees Profit with Acquisition". Grand Rapids Business Journal: B7. 
  11. ↑ Dorfman, Dan (March 3, 1989). "Money Follows Goldberg's Moves". USA Today. 
  12. ↑ 12.0 12.1 "Car Parts: A Replacement Bias". New York Times. 15 April 1985. 
  13. ↑ "Company News; SPX Announces Acquisition of General Signal". New York Times. 21 July 1998. https://www.nytimes.com/1998/07/21/business/company-news-spx-announces-acquisition-of-general-signal.html. 
  14. ↑ "Company News; SPX Will Acquire United Dominion Industries". New York Times. 13 March 2001. https://www.nytimes.com/2001/03/13/business/company-news-spx-will-acquire-united-dominion-industries.html. 
  15. ↑ "Bosch (Robert Bosch GmbH)". Federal Trade Commission. 24 April 2013. https://www.ftc.gov/enforcement/cases-proceedings/1210081/bosch-robert-bosch-gmbh. 
  16. ↑ "Bosch buys SPX for more than $1 billion". Modern Tire Dealer. 24 January 2012. https://www.moderntiredealer.com/articles/29051-bosch-buys-spx-for-more-than-1-billion. 
  17. ↑ Wilson, Jen (4 December 2012). "SPX closes $1.15B sale of automotive-tools business to Bosch". Charlotte Business Journal. https://www.bizjournals.com/charlotte/news/2012/12/04/spx-closes-115b-sale-of.html. 
  18. ↑ 18.0 18.1 Cornell, Joe (9 September 2015). "SPX (SPW) to Spin-Off Flow Business". Forbes. https://www.forbes.com/sites/joecornell/2015/09/09/spx-spw-to-spin-off-flow-business/?sh=3cf8652f4b28. 
  19. ↑ Downey, John (7 June 2018). "SPX closes $189M acquisition, boosts earnings projection". Charlotte Business Journal. https://www.bizjournals.com/charlotte/news/2018/06/07/spx-closes-189m-acquisition-boosts-earnings.html. 
  20. ↑ "SPX Announces Purchase of Schonstedt Instrument Company". Globe Newswire. 1 March 2018. https://www.globenewswire.com/news-release/2018/03/01/1408569/0/en/SPX-Announces-Purchase-of-Schonstedt-Instrument-Company.html. 
  21. ↑ Downey, John (13 December 2018). "SPX Corp. makes $77M acquisition". Charlotte Business Journal. https://www.bizjournals.com/charlotte/news/2018/12/13/spx-corp-buys-warning-light-manufacturer-in-77m.html. 
  22. ↑ "SPX acquires SGS Refrigeration". Cooling Post. 9 July 2019. https://www.coolingpost.com/world-news/spx-acquires-sgs-refrigeration/. 
  23. ↑ "SPX acquires Patterson-Kelley from Harsco Corp". HPAC. 19 November 2019. https://www.bizjournals.com/charlotte/news/2018/12/13/spx-corp-buys-warning-light-manufacturer-in-77m.html. 
  24. ↑ Schachter, Ken (4 September 2020). "SPX Corp. acquires ULC Robotics in deal worth up to $135M". Newsday. https://www.newsday.com/business/technology/ulc-robotics-spx-corp-m-a-drone-utility-long-island-1.48915351. 
  25. ↑ Battershall, Cole (3 September 2020). "Charlotte-based SPX acquires robotics firm for $90M". WRAL Tech Wire. https://www.wraltechwire.com/2020/09/03/charlotte-based-spx-acquires-robotics-firm-for-90m/. 
  26. ↑ "What Can We Make Of SPX’s CEO Compensation?.". Simply Wall St. 7 December 2020. https://simplywall.st/stocks/us/capital-goods/nyse-spxc/spx/news/what-can-we-make-of-spxs-nysespxc-ceo-compensation. 

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