1990 - Today
A new SPX emerged in 1994 with operations tightly focused in two distinct areas: specialty service tools and original equipment components.
In December 1995 John B. Blystone, a longtime General Electric executive, was named SPX chairperson, president and CEO. Under his leadership, the company began to divest unprofitable or noncore operations, and to strengthen and grow the remaining core units.
Strength through Acquisitions
During 1997 SPX acquired A.R. Brasch Marketing, an author of automotive owner's manuals and technical service and training materials, fitting perfectly alongside the specialty service equipment operations.
In 1998, the company purchased General Signal Corporation, a leading maker of products for the process control, electrical control and industrial technology industries. And in 2000, SPX completed 21 acquisitions, most of which were small, strategic purchases.
Then in May 2001, SPX completed the acquisition of United Dominion Industries Limited in an all-stock transaction. Based in Charlotte, North Carolina, United Dominion was a diversified manufacturer of flow technology, engineered machinery, test instruments and other products.
This acquisition marked further diversification of the SPX product mix and led the company to relocate its company headquarters from Muskegon, Michigan to Charlotte, North Carolina.
Narrowing Our Focus
Under the leadership of Chris Kearney, who took over as CEO in 2004, SPX narrowed the scope of its acquisition strategy. The company completed six acquisitions that expanded its global footprint and reflected the company’s increased focus on three strategic end markets: global infrastructure, diagnostic tools and process equipment.
The most notable acquisition was the purchase of APV®, a well-known global manufacturer of process equipment and engineered solutions that, in combination with our existing businesses, immediately established SPX as a global leader in the food and beverage equipment market.
Disciplined, Focused Approach
Moving forward, SPX continues to divest non-core assets and reinvest in the company. In 2007, we also completely refinanced our five-year credit facilities and issued a new seven-year bond to provide us with increased liquidity and financial flexibility to support our global growth strategy.
Our new product pipeline is delivering cutting-edge solutions to customers, helping them compete more effectively in the global marketplace and comply with the evolving requirements of regulatory agencies.