SPX Completes Acquisition of Marine and Obstruction Lighting Business of Carmanah
CHARLOTTE, N.C., Feb. 01, 2019 (GLOBE NEWSWIRE) ā SPX Corporation (NYSE:SPXC) announced today that it has completed the acquisition of the Sabik Marine and obstruction lighting business of Carmanah Technologies Corporation. The results of the purchased business will be reported with SPXās Communication Technologies businesses within its Detection & Measurement segment. The acquisition is expected to be modestly accretive to SPXās 2019 Adjusted EPS.
āWe are excited to welcome the Sabik team to SPX,ā said Gene Lowe, President and CEO of SPX Corporation. āThis acquisition expands and strengthens our position in aids-to-navigation specialty lighting solutions. We believe Sabikās highly-engineered technology and products are an excellent fit with SPXās portfolio of communication technologies solutions, and will provide significant value creation for our shareholders.ā
About SPX Corporation: SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation is expected to have approximately $1.4 billion in annual revenue in 2018 and approximately 4,000 employees in 17 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol āSPXC.ā
About Carmanah Technology Corporation:Ā Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, the company has earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the worldās harshest environments. For more information, please visit www.carmanah.com.
Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these statements in conjunction with the SPXās documents filed with the Securities and Exchange Commission, including the SPXās annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the risk that SPX may fail to successfully complete or integrate acquisitions. Actual results may differ materially from these statements. The words ābelieve,ā āexpect,ā āanticipate,ā āprojectā and similar expressions identify forward-looking statements. Although SPX believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on SPXās current complement of businesses, which is subject to change.
Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.
SOURCE SPX Corporation.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Phone: 980-474-3806
E-mail: spx.investor@spx.com
Pat Uotila, Manager, Investor Relations
Phone: 980-474-3806
E-mail: spx.investor@spx.com