SPX Announces Acquisition of Sealite
Flash Technology is excited to share that SPX Corporation has acquired Sealite and affiliated entities Avlite Systems and Star2M. These businesses have become a key operating company in SPX’s Aids to Navigation (“AtoN”) business platform, alongside Flash Technology and Sabik Marine, reporting through SPX’s Detection & Measurement segment.
Flash, Sabik and Sealite share a common philosophy and commitment to meeting customer requirements. The combination of these world-class businesses will create an even stronger organization, capable of meeting navigational safety needs across a broader range of solutions, and with greater speed, efficiency and flexibility. Moreover, our combined organizational resources will better enable us to innovate, develop new products and further improve our customer service and technical support capabilities across the globe.
We are committed to serving you and your needs. Whether you are a customer of Flash Technology, Sabik Marine, Avlite or Sealite, your support will continue with existing customer service contact(s). Our businesses will operate as usual and, should there be changes in the future that are applicable to you, we will communicate with you as early and often as possible.
Please find below the announcement from SPX Corporation. We are excited about our future together with Sealite and look forward to continuing to provide you with a wide range of excellent products and services.
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 $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 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 $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 Corporation: 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, VP, 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
