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.[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 ordinance detection, and locating underground utilities. The company joined SPX’s radioactive 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]

• 2020 Annual Report