SPX Announces Purchase of Sensors & Software Inc.
CHARLOTTE, N.C., November 12th , 2020 /Globe Newswire/ -- SPX Corporation (NYSE:SPXC) today announced that it has completed the acquisition of Sensors & Software Inc. (“Sensors & Software”), based in Mississauga, Ontario. Sensors & Software is a manufacturer and distributor of Ground Penetrating Radar (GPR) products used for locating underground utilities, detecting unexploded ordinance, and geotechnical and geological investigations.
“We are excited about Sensors & Software joining the SPX team” said Gene Lowe, President and CEO of SPX Corporation. “Sensors & Software is a leader in GPR applications, with a strong brand, technology and user base that make it a highly complementary addition to our Radiodetection business’s industry-leading portfolio of cable and pipe locator and other detection and measurement products. We expect this combination to drive incremental value by leveraging our combined products, technologies, sales networks and channels.”
The company’s results will be reported as a part of SPX’s Radiodetection business unit. After taking into account intercompany sales, Sensors & Software is anticipated to contribute $6-8 million of annual revenue and to be modestly accretive to the margin profile of the Detection & Measurement segment.
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 had approximately $1.5 billion in annual revenue in 2019 and over 4,500 employees in 17 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
About Sensors & Software Inc.: Headquartered in Mississauga, Ontario, Sensors & Software is the worldwide leader of Ground Penetrating Radar innovations. The company offers a wide range of hardware and software products and services designed to understand what lies beneath the surface and empower informed decision-making. For more information, please visit www.sensoft.ca.
SOURCE: SPX Corporation.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications