SPX Technologies

SPX Technologies, Inc. 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

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] TSPX Flow was acquired by Lone Star Funds for $3.8 billion in 2022.[20]

In December 2015, 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 to 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 HVAC business by acquiring, Ingenia Technologies,[27] a Canadian manufacturer of custom commercial air quality systems, headquartered in Mirabel, Quebec, for $300 million.[28]

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