SPX Announces Acquisition of Sealite Pty Ltd
SPX Corporation has acquired Sealite Pty Ltd and its affiliates, enhancing SPX's capabilities in engineered lighting solutions. Sealite specializes in marine and aviation Aids to Navigation and operates globally. The acquisition is expected to add $30 million to $40 million in annualized revenue. SPX will include Sealite’s results in its Detection & Measurement segment and plans to update its 2021 guidance during the Q1 earnings report on May 6. This strategic move positions SPX to leverage Sealite's strength in the Asia Pacific region and its high-value lighting applications.
- Acquisition of Sealite expected to add $30M-$40M in annualized revenue.
- Strengthens SPX's position in the engineered specialty lighting market.
- Sealite's high-value applications complement SPX's existing portfolio.
- None.
Further Expands and Strengthens SPX’s Position in Engineered Lighting Solutions
CHARLOTTE, N.C., April 19, 2021 (GLOBE NEWSWIRE) -- SPX Corporation (“SPX”) (NYSE: SPXC) today announced that it has completed the acquisition of Sealite Pty Ltd (“Sealite”) and affiliated entities, including Avlite Systems and Star2M Pty Ltd. Sealite is a leader in the design and manufacture of marine and aviation Aids to Navigation (“AtoN”) products, with headquarters in Somerville, Australia and operations in the United States, Singapore, Colombia and the United Kingdom.
Sealite’s results will be reported as part of SPX’s AtoN platform within its Detection & Measurement segment. SPX anticipates updating 2021 guidance to reflect Sealite when reporting Q1 2021 results on May 6th, and currently anticipates that Sealite will contribute annualized revenue in a range of
“We are excited to welcome Sealite to the SPX team,” said Gene Lowe, President and CEO of SPX. “This acquisition further expands and strengthens SPX’s position in engineered specialty lighting by adding another leading designer and manufacturer of AtoN solutions. We believe that Sealite’s high-value marine and airfield lighting applications and strong position in the Asia Pacific region are an excellent strategic fit with SPX’s existing portfolio of terrestrial and marine obstruction solutions, and strong position in Europe and the Americas.”
Chris Procter, Chief Executive Officer of Sealite 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 Sealite’s high-quality lighting products and regional strength with SPX’s extensive infrastructure and resources is a great opportunity to further advance product development and extend the reach of our combined 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, detection and measurement, and engineered solutions markets. Based in Charlotte, North Carolina, SPX Corporation had approximately
About Sealite: Sealite is a privately-held company headquartered near Melbourne, Australia, with approximately 150 employees in Australia, Singapore, the United Kingdom and the US. The company is a technology leader in the design and manufacture of aids to navigation equipment including for marine and aviation applications. For more information, please visit www.sealite.com and www.avlite.com.
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
FAQ
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