SPX Corporation

SPX was founded on December 20, 1911 in Muskegon, Michigan, as the Piston Ring Company by Charles E. Johnson and Paul R. Beardsley.{{cite web|url = http://www.spx.com/en/our-company/history-and-heritage/|title = History and Heritage|publisher = SPX|accessdate = March 11, 2016}}{{cite news |url=http://www.fundinguniverse.com/company-histories/spx-corporation-history/ |title=SPX Corporation History|work=Funding Universe}}{{cite journal |last1=Blake |first1=Laura |date=July 5, 1993 |title=SPX Sees Profit with Acquisition|journal=Grand Rapids Business Journal|pages=B7}} The company was entirely devoted to the production of piston rings of leading engine builders. In 1925, Piston Ring bought the No-Leak-O Piston Ring Company, allowing the company to increase production of engine components.{{cite magazine |last=Dorfman |first=Dan |date=March 3, 1989 |title=Money Follows Goldberg's Moves|magazine=USA Today}} 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.

Sealed Power Co.’s first plant opened outside Muskegon in 1946. 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.

The company acquired Kent-Moore Corporation in 1982. Within its first year, Kent-Moore contributed $86 million to Sealed Power.{{cite news|title=Car Parts: A Replacement Bias|date=15 April 1985 |work=New York Times}} In 1985, Sealed Power expanded even further by acquiring the Owatonna Tool Company (OTC) and its subsidiaries. That same year the V.L. Churchill Group of Daventry, England, was also acquired, giving Sealed Power an international overseas presence. 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. In 1998, General Signal Corporation was acquired for $2.3 billion, specializing in production of process control, electrical control, and industrial technological industries.{{cite news |url=https://www.nytimes.com/1998/07/21/business/company-news-spx-announces-acquisition-of-general-signal.html |title=Company News; SPX Announces Acquisition of General Signal|date=21 July 1998 |work=New York Times}} United Dominion Industries Limited, a manufacturer of engineered products, was acquired in 2001.{{cite news |url=https://www.nytimes.com/2001/03/13/business/company-news-spx-will-acquire-united-dominion-industries.html |title=Company News; SPX Will Acquire United Dominion Industries|date=13 March 2001 |work=New York Times}} SPX’s headquarters relocated to Charlotte, North Carolina, in 2002.

In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately $1.15 billion to Robert Bosch GmbH.{{cite news |url=https://www.ftc.gov/enforcement/cases-proceedings/1210081/bosch-robert-bosch-gmbh |title=Bosch (Robert Bosch GmbH)|date=24 April 2013 |work=Federal Trade Commission}}{{cite news |url=https://www.moderntiredealer.com/articles/29051-bosch-buys-spx-for-more-than-1-billion |title=Bosch buys SPX for more than $1 billion|date=24 January 2012 |work=Modern Tire Dealer}}{{cite news |url=https://www.bizjournals.com/charlotte/news/2012/12/04/spx-closes-115b-sale-of.html |title=SPX closes $1.15B sale of automotive-tools business to Bosch|last=Wilson|first=Jen|date=4 December 2012 |work=Charlotte Business Journal}}

In 2015, SPX Flow was founded, a spin-off from its parent company.{{cite news |url=https://www.forbes.com/sites/joecornell/2015/09/09/spx-spw-to-spin-off-flow-business/?sh=3cf8652f4b28 |title=SPX (SPW) to Spin-Off{{sic|nolink=y}} Flow Business|last=Cornell|first=Joe|date=9 September 2015 |work=Forbes}} 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. 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.{{cite news |url=https://www.bizjournals.com/charlotte/news/2018/06/07/spx-closes-189m-acquisition-boosts-earnings.html |title=SPX closes $189M acquisition, boosts earnings projection|last=Downey|first=John|date=7 June 2018 |work=Charlotte Business Journal}}{{cite news |url=https://www.globenewswire.com/news-release/2018/03/01/1408569/0/en/SPX-Announces-Purchase-of-Schonstedt-Instrument-Company.html |title=SPX Announces Purchase of Schonstedt Instrument Company|date=1 March 2018 |work=Globe Newswire}} In December of that year, SPX announced that it would also acquire the marine and aviation warning-light corporation Carmanah Technologies.{{cite news |url=https://www.bizjournals.com/charlotte/news/2018/12/13/spx-corp-buys-warning-light-manufacturer-in-77m.html |title=SPX Corp. makes $77M acquisition|last=Downey|first=John|date=13 December 2018 |work=Charlotte Business Journal}}

In 2019, the corporation acquired SGS Refrigeration Inc., a manufacturer and supplier of industrial refrigeration products, following its ongoing partnership since 2015.{{cite news |url=https://www.coolingpost.com/world-news/spx-acquires-sgs-refrigeration/ |title=SPX acquires SGS Refrigeration|date=9 July 2019 |work=Cooling Post}} Patterson-Kelley was acquired that same year to join SPX’s HVAC solutions division.{{cite news |url=https://www.bizjournals.com/charlotte/news/2018/12/13/spx-corp-buys-warning-light-manufacturer-in-77m.html |title=SPX acquires Patterson-Kelley from Harsco Corp|date=19 November 2019 |work=HPAC}}

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.{{cite news |url=https://www.newsday.com/business/technology/ulc-robotics-spx-corp-m-a-drone-utility-long-island-1.48915351 |title=SPX Corp. acquires ULC Robotics in deal worth up to $135M|last=Schachter|first=Ken|date=4 September 2020 |work=Newsday}}{{cite news |url=https://www.wraltechwire.com/2020/09/03/charlotte-based-spx-acquires-robotics-firm-for-90m/ |title=Charlotte-based SPX acquires robotics firm for $90M|last=Battershall|first=Cole|date=3 September 2020 |work=WRAL Tech Wire}} 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. From 2017-2020, SPX’s earnings per share (EPS) has grown by 70% per year. Its revenue is up by 1.6% in 2020.{{cite news |url=https://simplywall.st/stocks/us/capital-goods/nyse-spxc/spx/news/what-can-we-make-of-spxs-nysespxc-ceo-compensation |title=What Can We Make Of SPX's CEO Compensation?.|date=7 December 2020 |work=Simply Wall St}}

In February 2024, SPX expanded its Heating Ventilation and Air-Conditioning business by acquiring, Ingenia Technologies,{{cite web |title=SPX Technologies Announces Acquisition of Ingénia |url=https://www.spx.com/news-and-events/news-releases/ |website=SPX Releases |publisher=SPX |access-date=8 February 2024}} 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.

{{Reflist}}

• [https://www.nasdaq.com/market-activity/stocks/spxc/earnings 2020 Annual Report]

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Category:Companies based in Charlotte, North Carolina

Category:Manufacturing companies established in 1912

Category:Companies listed on the New York Stock Exchange

Category:Conglomerate companies of the United States

Category:Manufacturing companies based in North Carolina

Category:1912 establishments in Michigan

Category:Bosch (company)