1990 – Today
A new SPX Corporation 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 a number of key acquisitions that expanded its global footprint and reflect the company’s increased focus on three strategic end markets: global infrastructure, diagnostic tools and process equipment.
To further hone the focus of its business, SPX also completed 18 divestitures of noncore businesses or product lines since 2004.
Globalization has also been a key part of SPX’s transformation. In 2004, 70 percent of our sales were in North America. Over the past five years, we have significantly expanded our geographic presence. In 2009 we generated more than 50 percent of our revenue outside North America.
Disciplined, Focused Approach
Moving forward, SPX continues to divest noncore 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.
Recent acquisitions have further strengthened our presence in the power and energy and food and beverage industries.
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.