SPX Corporation (NYSE: SPXC) is a diversified, global supplier of infrastructure equipment in heating, ventilation and air conditioning (HVAC), and detection and measurement markets, and a strong presence in power and energy markets. With operations in about 20 countries and approximately $1.7 billion in revenue for 2015.
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History
SPX was founded in 1912 in Muskegon, Michigan, as the Piston Ring Company. The company designed and manufactured original equipment components for Detroit's largest car companies, and quickly earned a reputation for quality products serving the rapidly developing automobile industry.
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. By the 1950s, the company had distributors in every state and in more than 40 countries. At the time, Sealed Power products were used as original equipment in more than 80 percent of American-made cars and trucks.
By 1988, and after a number of strategic acquisitions to further diversify the company into a replacement parts and specialty service tool manufacturer, 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, a series of additional acquisitions and "focused organic growth" helped SPX diversify even further into flow technologies and thermal equipment and services.
In 2012, SPX sold its Service Solutions business for approximately 1.15 billion dollars to Robert Bosch GmbH.
On October 29, 2014, SPX announced that its Board of Directors had unanimously approved a plan for a tax-free spin-off of its Flow Technology reportable segment, its Hydraulic Technologies business, and certain segments of its corporate subsidiaries. The spin-off transaction was completed on September 26, 2015.
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References
Source of article : Wikipedia
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