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// Workers AI · dad joke modeWhat did SPX say to its stock? "You're exchanging me.

From Wikipedia, the free encyclopedia

SPX Technologies, Inc.
FormerlySPX Corporation
TypePublic
IndustryMulti-industry
Founded1912; 114 years ago (1912) in Muskegon, Michigan
HeadquartersCharlotte, North Carolina, U.S.
Key peopleEugene Joseph Lowe (CEO)
ProductsCooling towers, boilers, cable locators, power transformers
Revenue$2.265 billion (2025)
Number of employees
4,300 (December 31, 2024)
Websitewww.spx.com

SPX Technologies, Inc. is an American manufacturing company, headquartered in Charlotte, North Carolina.[1][2][3] The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions.[1][2][3][4][5] Examples of SPX's products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers.[5] Brands include Waukesha, Dielectric, Genfare, Fahrenheat, Radiodetection, and Pearpoint.[5] SPX operates in 17 countries with a sales presence in 100 countries, and over 6,000 employees worldwide.[3][5] In 2019, the company earned approximately $1.5 billion in annual revenue.[3]

History

[edit]

SPX was founded on December 20, 1911, in Muskegon, Michigan, as the Piston Ring Company by Charles E. Johnson and Paul R. Beardsley.[6][7][8] The company was entirely devoted to the production of piston rings of leading engine builders.[7] In 1925, Piston Ring bought the No-Leak-O Piston Ring Company, allowing the company to increase production of engine components.[7][9] 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.[6]

Sealed Power Co.’s first plant opened outside Muskegon in 1946.[7][8] 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.[7][8]

The company acquired Kent-Moore Corporation in 1982. Within its first year, Kent-Moore contributed $86 million to Sealed Power.[7][10] In 1985, Sealed Power expanded even further by acquiring the Owatonna Tool Company (OTC) and its subsidiaries.[7][10] That same year the V.L. Churchill Group of Daventry, England, was also acquired, giving Sealed Power an international overseas presence.[7] 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.[6] In 1998, General Signal Corporation was acquired for $2.3 billion, specializing in production of process control, electrical control, and industrial technological industries.[7][11] United Dominion Industries Limited, a manufacturer of engineered products, was acquired in 2001.[7][12] SPX's headquarters relocated to Charlotte, North Carolina, in 2002.[7]

In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately $1.15 billion to Robert Bosch GmbH.[13][14][15]

In 2015, SPX Flow was founded, a spin-off from its parent company.[16] 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.[16] 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.[17][18] TSPX Flow was acquired by Lone Star Funds for $3.8 billion in 2022.[19]

In December 2015, 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.[3] 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.[25]

In February 2024, SPX expanded its HVAC business by acquiring, Ingenia Technologies,[26] a Canadian manufacturer of custom commercial air quality systems, headquartered in Mirabel, Quebec, for $300 million.[27]

References

[edit]
  1. 1 2 "SPX Corp". Bloomberg.
  2. 1 2 "SPX Announces Purchase of Sensors & Software Inc". Bloomberg. November 12, 2020.
  3. 1 2 3 4 5 "SPX Announces Purchase of Sensors & Software Inc". Globe Newswire. November 12, 2020.
  4. ↑ "SPX Corporation (SPXC)". Yahoo Finance.
  5. 1 2 3 4 "SPX Corporation Company Profile". Dun & Bradstreet.
  6. 1 2 3 "History and Heritage". SPX. Retrieved March 11, 2016.
  7. 1 2 3 4 5 6 7 8 9 10 11 "SPX Corporation History". Funding Universe.
  8. 1 2 3 Blake, Laura (July 5, 1993). "SPX Sees Profit with Acquisition". Grand Rapids Business Journal: B7.
  9. ↑ Dorfman, Dan (March 3, 1989). "Money Follows Goldberg's Moves". USA Today.
  10. 1 2 "Car Parts: A Replacement Bias". New York Times. April 15, 1985.
  11. ↑ "Company News; SPX Announces Acquisition of General Signal". New York Times. July 21, 1998.
  12. ↑ "Company News; SPX Will Acquire United Dominion Industries". New York Times. March 13, 2001.
  13. ↑ "Bosch (Robert Bosch GmbH)". Federal Trade Commission. April 24, 2013.
  14. ↑ "Bosch buys SPX for more than $1 billion". Modern Tire Dealer. January 24, 2012.
  15. ↑ Wilson, Jen (December 4, 2012). "SPX closes $1.15B sale of automotive-tools business to Bosch". Charlotte Business Journal.
  16. 1 2 Cornell, Joe (September 9, 2015). "SPX (SPW) to Spin-Off [sic] Flow Business". Forbes.
  17. ↑ Downey, John (June 7, 2018). "SPX closes $189M acquisition, boosts earnings projection". Charlotte Business Journal.
  18. ↑ "SPX Announces Purchase of Schonstedt Instrument Company". Globe Newswire. March 1, 2018.
  19. ↑ "A New Generation of Ultrawealthy Merges Finance With Tech". Bloomberg.com. Archived from the original on September 21, 2025. Retrieved February 11, 2026.
  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. Archived from the original on September 20, 2020.
  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.
  27. ↑ Roush, Chris (February 8, 2024). "SPX Technologies buys Canadian company for $300 million". Business North Carolina. Retrieved February 12, 2026.
[edit]
  • Official website
  • Business data for SPX Technologies, Inc.:
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