GlobeNewswire Inc | Apr 19, 2021 05:30PM EDT

April 19, 2021

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.

Sealites results will be reported as part of SPXs 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 $30 million to $40 million.

We are excited to welcome Sealite to the SPX team, said Gene Lowe, President and CEO of SPX. This acquisition further expands and strengthens SPXs position in engineered specialty lighting by adding another leading designer and manufacturer of AtoN solutions. We believe that Sealites high-value marine and airfield lighting applications and strong position in the Asia Pacific region are an excellent strategic fit with SPXs 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 Sealites high-quality lighting products and regional strength with SPXs 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 $1.6 billion in annual revenue in 2020 and 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 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 CommunicationsPhone: 980-474-3806E-mail:spx.investor@spx.com

Nick Illuminati, Manager, Investor RelationsPhone: 980-474-3806E-mail:spx.investor@spx.com

Source: SPX Corporation