Approximate Annual Revenue of $60-70 million;
Attractive Potential for Further Expansion in Engineered Air Quality
CHARLOTTE, N.C., Dec. 16, 2021 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced today that it has completed the acquisition of Cincinnati Fan & Ventilator Co., Inc. (“Cincinnati Fan”), a leader in engineered air quality solutions, including blowers and critical exhaust systems.
Under the terms of the purchase agreement, a subsidiary of SPX merged into Cincinnati Fan for consideration of $145 million in cash, which includes consideration for the estimated value of certain tax assets associated with the acquisition. SPX currently anticipates revenue from Cincinnati Fan in a range of $60-70 million in 2022. Once fully integrated, SPX anticipates that the acquisition will be accretive to its HVAC segment margin.
“We are very excited to welcome Cincinnati Fan to the SPX team,” said Gene Lowe, President and CEO of SPX. “Bringing together Cincinnati Fan’s high-performance, engineered air quality solutions with SPX’s global footprint and distribution infrastructure opens multiple opportunities to create additional value, and accelerate our combined growth. We see significant potential to further expand our HVAC Cooling platform by building upon this foundation in engineered air quality solutions.”
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 has approximately 4,000 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
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. Please read these statements in conjunction with the company’s documents filed with the Securities and Exchange Commission, including the company’s most recent annual report on Form 10-K. 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 the company’s 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 the company’s ability to maintain or increase market share; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to the company’s 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 the company’s business, including regulatory changes; changes in worldwide economic conditions; uncertainties with respect to the company’s ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of any announced acquisition or disposition transactions, including 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. In addition, statements with respect to the anticipated impacts of the completion of the acquisition of Cincinnati Fan and its anticipated future revenues are subject to many of the risks and uncertainties described above.
Actual results may differ materially from these statements. The words “believe,” “expect,” “anticipate,” “project” and similar expressions identify forward-looking statements. Although the company 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.
SOURCE SPX Corporation.
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
