Following the successful spin-off of its Flow Technology business, a new SPX Corporation emerges today as a more focused company with strong brands and leading market positions in heating, ventilation and air conditioning (HVAC), innovative detection and measurement technologies, and a strong presence in the power and energy business. Going forward, SPX will gain advantage from decades of expertise and experience developing infrastructure-related products and solutions and will foster innovation, growth and improvement opportunities.
As SPX Corporation President and Chief Executive Officer Gene Lowe notes, the company is focused on driving initiatives in each of these markets that deliver solutions for customers, enable growth and unlock value for shareholders.
“The new SPX Corporation leadership team is energized by the many opportunities the spin-off affords us to capitalize on our winning brands, our technological edge and the deep talent and expertise of our employees,” Lowe said. “One of the things that gets me excited about the new SPX is our family of businesses. We have a long history of breakthrough innovation and even defining industries.”
Lowe, who has served with SPX in a variety of leadership roles since 2008, believes there is significant room for expansion in the attractive HVAC and detection and measurement businesses through new product innovation; geographic and channel expansion; adjacent markets and strategic initiatives.
“Our HVAC segment is well-positioned to benefit from our customers’ needs for higher efficiency products that use less electricity, less water, less space and are reliable for longer periods of time. In our Detection and Measurement segment, where we have very technology rich products, we’re seeing a shift towards solutions. Finding broader answers and innovations to meet customer needs – that’s what we’re good at,” he added.
On the power and energy side, Lowe sees opportunities to drive increased value in SPX’s power transformer business by enhancing operating margins through improved productivity, value engineering and strategic commercial initiatives. In power generation, SPX Corporation sees opportunity in the maintenance of the world’s power generation fleet and will focus on aligning its cost base and on repositioning the business toward more attractive market opportunities.
“We see an exciting opportunity in front of us to build an innovative, efficient, technology-driven infrastructure solutions company,” he said.
It was October 2014 when the SPX Corporation Board of Directors announced its plan for a tax-free spin-off of its Flow business into a new standalone, publicly traded company. Underpinning the new SPX Corporation is a line-up of leading brands and businesses, many of which helped pioneer the industries they serve, including Marley, Waukesha, Balcke-Duerr, Recold, Weil-McLain, Marley Engineered Products, Radiodetection, Genfare, TCI and Flash Technology.
With approximately 6,000 employees and $2 billion in annual revenue, SPX Corporation is based in Charlotte, North Carolina and has operations about 20 countries.
