Skip to main content

SPX Announces Purchase of Sensors & Software Inc.

Written by Customer Service on . Posted in Mergers And Acquisitions.

CHARLOTTE, N.C., Nov. 12, 2020 (GLOBE NEWSWIRE) — SPX Corporation (NYSE:SPXC) today announced that it has completed the acquisition of Sensors & Software Inc. (“Sensors & Software”), based in Mississauga, Ontario. Sensors & Software is a manufacturer and distributor of Ground Penetrating Radar (GPR) products used for locating underground utilities, detecting unexploded ordinance, and geotechnical and geological investigations.
“We are excited about Sensors & Software joining the SPX team,” said Gene Lowe, President and CEO of SPX Corporation. “Sensors & Software is a leader in GPR applications, with a strong brand, technology and user base that make it a highly complementary addition to our Radiodetection business’ industry-leading portfolio of cable and pipe locator and other detection and measurement products. We expect this combination to drive incremental value by leveraging our combined products, technologies, sales networks and channels.”The company’s results will be reported as a part of SPX’s Radiodetection business unit. After taking into account intercompany sales, Sensors & Software is anticipated to contribute $6-8 million of annual revenue and to be modestly accretive to the margin profile of the 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 $1.5 billion in annual revenue in 2019 and over 4,500 employees in 17 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 Sensors & Software Inc.:  Headquartered in Mississauga, Ontario, Sensors & Software is the worldwide leader of Ground Penetrating Radar innovations. The company offers a wide range of hardware and software products and services designed to understand what lies beneath the surface and empower informed decision-making. For more information, please visit www.sensoft.ca.SOURCE SPX Corporation.Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Phone:  980-474-3806
E-mail: spx.investor@spx.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.