CHARLOTTE, N.C., March 01, 2018 (GLOBE NEWSWIRE) — SPX Corporation (NYSE:SPXC) today announced that it has completed the acquisition of Schonstedt Instrument Company (“Schonstedt”), based in Kearneysville, West Virginia. Schonstedt is a manufacturer and distributor of magnetic locator products used for locating underground utilities and other buried objects.
“We are excited about Schonstedt joining the SPX team” said Gene Lowe, President and CEO of SPX Corporation. “Schonstedt is the leader in magnetic locators, 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 products. We expect this combination to drive incremental value by leveraging our combined products, technologies, sales networks and geographic channels.”
Schonstedt’s 2017 annual revenues were approximately $9 million, and the acquisition is expected to be modestly accretive to SPX’s 2018 adjusted earnings. The company’s results will be reported as a part of SPX’s Radiodetection business unit within its 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 $1.4 billion in annual revenue in 2017 and more than 5,000 employees in about 15 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 Schonstedt Instrument Company: Headquartered in Kearneysville, West Virginia, Schonstedt Instrument Company provides solutions for the detection and location of objects and phenomena below the surface of the ground or water, and specializes in instruments to locate iron and steel (ferrous) objects, and pipes and cables (linear underground conductors). The company’s products are sold through a wide network of dealers and manufacturers representatives throughout the world. For more information, please visit www.schonstedt.com.
SOURCE SPX Corporation.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Pat Uotila, Manager, Investor Relations
Source: SPX Corporation