CHARLOTTE, N.C., July 08, 2019 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) today announced that it has completed the acquisition of SGS Refrigeration Inc. ("SGS"), based in Dixon, Illinois. SGS is a manufacturer and distributor of industrial refrigeration products in the North American market.
"We are excited about SGS joining the SPX team," said Gene Lowe, President and CEO of SPX Corporation. "As a leader in industrial refrigeration, SGS has operated as a close partner with SPX in the evaporative condenser market. I am very pleased with the progress this partnership has made and look forward to the next phase of our growth together, as we combine our resources to further expand our addressable market and product suite of industrial refrigeration solutions."
SGS's 2018 annual revenues were approximately $15 million, including approximately $3.5 million of inter-company sales with SPX. The company's results will be reported as a part of SPX's HVAC Cooling business unit within its HVAC 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 2018 and approximately 4,000 employees in about 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 SGS Refrigeration Inc.: Headquartered in Dixon, Illinois, SGS Refrigeration Inc. is a manufacturer and supplier of high quality industrial evaporators and evaporative condensers with a clear focus on customer service. Founded in 2010, SGS has been involved in a partnership with SPX since 2015 to produce the Cube line of forced draft and induced draft evaporative condenser designed to support a variety of industrial cooling and refrigeration applications.
SOURCE SPX Corporation.
Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Pat Uotila, Manager, Investor Relations
Source: Nasdaq https://www.nasdaq.com/press-release/spx-announces-purchase-of-sgs-refrigeration-inc-20190708-00459