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
Key people	Eugene Joseph Lowe (CEO)
Revenue	US$1.105 billion (2020) [1]
Number of employees	6,000 (2015)
Website	www.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]

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.

• 2020 Annual Report