{{short description|American manufacturing company}} {{Use mdy dates|date=May 2020}} {{Infobox company | former_name = SPX Corporation | name = SPX Technologies, Inc. | logo = SPX Corporation logo.svg | type = [[Public company|Public]] | traded_as = {{ubl|{{NYSE|SPXC}}|[[S&P 400]] component}} | industry = [[Conglomerate (company)|Multi-industry]] | revenue = {{nowrap|{{US$|1.105 billion|link=yes}} (2020)<ref>{{cite news |url=https://www.nasdaq.com/market-activity/stocks/spxc/revenue-eps|title=SPXC Revenue EPS|work=Nasdaq}}</ref>}} | operating_income = | num_employees = 4,300 (December 31, 2024) | divisions = | subsid = | founded = {{Start date and age|1912}} in [[Muskegon, Michigan]] | hq_location = {{nowrap|[[Charlotte, North Carolina]], U.S.}} | key_people = Eugene Joseph Lowe (CEO) | website = {{URL|https://www.spx.com}} }}
'''SPX Technologies, Inc.''' is an American manufacturing company, headquartered in [[Charlotte, North Carolina]].<ref name="spxcorpbloomberg">{{cite news |url=https://www.bloomberg.com/profile/company/SPXC:US |title=SPX Corp|work=Bloomberg}}</ref><ref name="sensorssoftbloom">{{cite news |url=https://www.bloomberg.com/press-releases/2020-11-12/spx-announces-purchase-of-sensors-software-inc |title=SPX Announces Purchase of Sensors & Software Inc.|date=12 November 2020 |work=Bloomberg}}</ref><ref name="sensorssoftware">{{cite news |url=https://www.globenewswire.com/news-release/2020/11/12/2125617/0/en/SPX-Announces-Purchase-of-Sensors-Software-Inc.html |title=SPX Announces Purchase of Sensors & Software Inc.|date=12 November 2020 |work=Globe Newswire}}</ref> The company operates within four markets: heating, ventilation, and air conditioning ([[HVAC]]), detection and measurement, [[Electric power transmission|power transmission]] and generation, and engineered solutions.<ref name="spxcorpbloomberg" /><ref name="sensorssoftbloom" /><ref name="sensorssoftware"/><ref name="yahoospx">{{cite news |url=https://finance.yahoo.com/quote/SPXC/profile/ |title=SPX Corporation (SPXC) |work=Yahoo Finance}}</ref><ref name="dunbradstreet">{{cite news |url=https://www.dnb.com/business-directory/company-profiles.spx_corporation.df339599626caca4d0fbb439a5cab74c.html |title=SPX Corporation Company Profile|work=Dun & Bradstreet}}</ref> Examples of SPX's products include [[cooling tower]]s and [[boiler]]s, underground pipe and [[cable locator]]s, [[Transformer|power transformers]], and [[heat exchanger]]s.<ref name="dunbradstreet" /> Brands include [[Waukesha Engine|Waukesha]], Dielectric, [[Genfare]], Fahrenheat, Radiodetection, and Pearpoint.<ref name="dunbradstreet" /> SPX operates in 17 countries with a sales presence in 100 countries, and over 6,000 employees worldwide.<ref name="sensorssoftware"/><ref name="dunbradstreet" /> In 2019, the company earned approximately $1.5 billion in annual revenue.<ref name="sensorssoftware"/>
== History == SPX was founded on December 20, 1911, in [[Muskegon, Michigan]], as the Piston Ring Company by Charles E. Johnson and Paul R. Beardsley.<ref name="SPX.com/History and Heritage">{{cite web|url = http://www.spx.com/en/our-company/history-and-heritage/|title = History and Heritage|publisher = SPX|accessdate = March 11, 2016}}</ref><ref name="historyspx">{{cite news |url=http://www.fundinguniverse.com/company-histories/spx-corporation-history/ |title=SPX Corporation History|work=Funding Universe}}</ref><ref name="laurablake">{{cite journal |last1=Blake |first1=Laura |date=July 5, 1993 |title=SPX Sees Profit with Acquisition|journal=Grand Rapids Business Journal|pages=B7}}</ref> The company was entirely devoted to the production of piston rings of leading engine builders.<ref name="historyspx" /> In 1925, Piston Ring bought the No-Leak-O Piston Ring Company, allowing the company to increase production of engine components.<ref name="historyspx" /><ref>{{cite magazine |last=Dorfman |first=Dan |date=March 3, 1989 |title=Money Follows Goldberg's Moves|magazine=USA Today}}</ref> 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.<ref name="SPX.com/History and Heritage"/>
Sealed Power Co.’s first plant opened outside Muskegon in 1946.<ref name="historyspx" /><ref name="laurablake" /> 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.<ref name="historyspx" /><ref name="laurablake" />
The company acquired Kent-Moore Corporation in 1982. Within its first year, Kent-Moore contributed $86 million to Sealed Power.<ref name="historyspx" /><ref name="CarParts">{{cite news|title=Car Parts: A Replacement Bias|date=15 April 1985 |work=New York Times}}</ref> In 1985, Sealed Power expanded even further by acquiring the [[OTC Tool Company|Owatonna Tool Company (OTC)]] and its subsidiaries.<ref name="historyspx" /><ref name="CarParts" /> That same year the V.L. Churchill Group of [[Daventry|Daventry, England]], was also acquired, giving Sealed Power an international overseas presence.<ref name="historyspx" /> 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.<ref name="SPX.com/History and Heritage"/> In 1998, [[General Signal|General Signal Corporation]] was acquired for $2.3 billion, specializing in production of [[process control]], electrical control, and industrial technological industries.<ref name="historyspx" /><ref>{{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}}</ref> [[Dominion Bridge Company|United Dominion Industries Limited]], a manufacturer of engineered products, was acquired in 2001.<ref name="historyspx" /><ref>{{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}}</ref> SPX's headquarters relocated to Charlotte, North Carolina, in 2002.<ref name="historyspx" />
In 2012, SPX president Charles E Johnson II sold its Service Solutions business for approximately $1.15 billion to [[Robert Bosch GmbH]].<ref>{{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}}</ref><ref>{{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}}</ref><ref>{{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}}</ref>
In 2015, SPX Flow was founded, a spin-off from its parent company.<ref name="FlowForbes">{{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}}</ref> 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.<ref name="FlowForbes" /> 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.<ref>{{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}}</ref><ref>{{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}}</ref> TSPX Flow was acquired by [[Lone Star Funds]] for $3.8 billion in 2022.<ref>{{Cite news |title=A New Generation of Ultrawealthy Merges Finance With Tech |url=https://www.bloomberg.com/features/2023-new-finance-rich-list/ |archive-url=http://web.archive.org/web/20250921213151/https://www.bloomberg.com/features/2023-new-finance-rich-list/ |archive-date=2025-09-21 |access-date=2026-02-11 |work=Bloomberg.com |language=en}}</ref>
In December 2015, SPX announced that it would also acquire the marine and aviation warning-light corporation Carmanah Technologies.<ref>{{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}}</ref>
In 2019, the corporation acquired SGS Refrigeration Inc., a manufacturer and supplier of industrial refrigeration products, following its ongoing partnership since 2015.<ref name="sgsrefrigeration">{{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}}</ref> Patterson-Kelley was acquired that same year to join SPX's HVAC solutions division.<ref name="pattersonkelley">{{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}}</ref>
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.<ref name="ulc robotics">{{cite news |url=https://www.newsday.com/business/technology/ulc-robotics-spx-corp-m-a-drone-utility-long-island-n49479 |archive-url=https://web.archive.org/web/20200920021650/https://www.newsday.com/business/technology/ulc-robotics-spx-corp-m-a-drone-utility-long-island-1.48915351 |url-status=live |archive-date=September 20, 2020 |title=SPX Corp. acquires ULC Robotics in deal worth up to $135M|last=Schachter|first=Ken|date=4 September 2020 |work=Newsday}}</ref><ref name="roboticsfirm">{{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}}</ref> 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|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.<ref name="sensorssoftware"/> From 2017 to 2020, SPX's [[Earnings per share|earnings per share (EPS)]] has grown by 70% per year. Its revenue is up by 1.6% in 2020.<ref name="simplywallst">{{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}}</ref>
In February 2024, SPX expanded its [[Heating, ventilation, and air conditioning|HVAC]] business by acquiring, Ingenia Technologies,<ref name="Press Release">{{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}}</ref> a Canadian manufacturer of custom commercial air quality systems, headquartered in [[Mirabel, Quebec]], for $300 million.<ref>{{Cite web |last=Roush |first=Chris |date=2024-02-08 |title=SPX Technologies buys Canadian company for $300 million |url=https://businessnc.com/spx-technologies-buys-canadian-company-for-300-million/ |access-date=2026-02-12 |website=Business North Carolina |language=en-US}}</ref>
== References == {{Reflist}}
== External links == *{{Official website|https://www.spx.com}} {{Finance links | name = SPX Technologies, Inc. | symbol = SPXC | sec_cik = 88205 | yahoo = SPXC | google = SPXC:NYSE }}
{{S&P 400 companies}} {{Authority control}}
[[Category:Companies based in Charlotte, North Carolina]] [[Category:Companies in the S&P 400]] [[Category:Companies listed on the New York Stock Exchange]] [[Category:Manufacturing companies established in 1912]] [[Category:Conglomerate companies of the United States]] [[Category:Manufacturing companies based in North Carolina]] [[Category:1912 establishments in Michigan]] [[Category:Bosch (company)]]