SPX Announces Acquisition of Enterprise Control Systems Ltd; Expands and Strengthens SPX’s Communication Technologies Platform
CHARLOTTE, N.C., Aug. 03, 2021 (GLOBE NEWSWIRE) — SPX Corporation (“SPX”) (NYSE: SPXC) today announced that it has completed the acquisition of Enterprise Control Systems Ltd (“ECS”). Headquartered near Northampton, UK, ECS is a leader in the design and manufacture of highly-engineered tactical datalinks and radio frequency (RF) countermeasures, including counter-drone and counter-IED RF jammers.
ECS’s results will be reported as part of SPX’s Communications Technology (“CommTech”) platform within its Detection & Measurement segment. SPX anticipates updating 2021 guidance to reflect ECS when reporting Q2 2021 results on August 5th, and currently anticipates that, in the near-term, ECS will contribute annualized revenue of approximately $14 million. ECS is expected to be accretive to Detection & Measurement segment margin once fully integrated.
“We are excited to welcome ECS to the SPX team,” said Gene Lowe, President and CEO of SPX. “As our first acquisition in our CommTech platform, ECS expands and strengthens SPX’s position in COMINT by adding highly complementary, world-class products and technology. We see significant opportunities to grow our presence in COMINT, and complementary technologies and solutions worldwide. We view ECS’s expertise in encrypted data link systems and RF countermeasures as a perfect fit with the high-value RF monitoring, detect and locate technologies and products of our TCI business.”
Colin Bullock, founder of ECS, commented, “We are very pleased to be part of SPX, as it creates numerous opportunities for employees and customers to continue our growth journey. Combining ECS’s expertise in RF countermeasures and encrypted data links systems with SPX’s strengths in RF detection and location systems, as well as its global infrastructure and resources, is a great opportunity to further advance product development and extend the reach of our combined, high-value solutions to a broader customer base.”
About SPX Corporation: SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Corporation had more than 4,500 employees in 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 Enterprise Control Systems Ltd: Enterprise Control Systems Ltd is a leading designer and manufacturer of highly-engineered communications intelligence systems, including RF inhibitors (RF Jammers) and encrypted data links. Headquartered near Northampton, UK, ECS was founded in 1988, and has grown steadily in size over the past 30 years. For more information, please visit www.enterprisecontrol.co.uk.
Forward-looking Statements. Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. In addition to our updated 2021 financial guidance, the words “believe,” “expect,” “anticipate,” “project” and similar expressions identify our other forward-looking statements. Please read these forward-looking statements in conjunction with our documents filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and quarterly report on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: the impact of the COVID-19 pandemic and governmental and other actions taken in response; the uncertainty of claims resolution with respect to the large power projects in South Africa, as well as claims with respect to asbestos, environmental and other contingent liabilities; cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; availability, limitations or cost increases of raw materials and/or commodities that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; changes in worldwide economic conditions; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of any announced acquisition or disposition transactions (including the disposition of SPX Transformer Solutions, Inc.), including uncertainties with respect to obtaining (and the timing of) necessary regulatory approvals; uncertainties with respect to integrating acquisitions and achieving cost savings or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.
Actual results may differ materially from these statements. Although SPX believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements except as may be required by law.
Investor and Media Contacts:
Paul Clegg, Vice President, Investor Relations and Communications
Phone: 980-474-3806
E-mail: spx.investor@spx.com
Nick Illuminati, Manager, Investor Relations
Phone: 980-474-3806
E-mail: spx.investor@spx.com
Source: SPX Corporation
