CHARLOTTE, N.C., June 07, 2018 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced today that it has completed the acquisition of CUES, Inc., a leading manufacturer of pipeline inspection and rehabilitation equipment, headquartered in Orlando, Florida. A detailed description of the transaction was provided in SPX’s Form 8-K filed on April 23rd with the United Stated Securities and Exchange Commission.
Gene Lowe, President and Chief Executive Officer of SPX commented, “We are very excited to welcome the CUES team to SPX. CUES is a clear leader in pipeline inspection and rehabilitation products with recognizable brands, strong technology and an excellent reputation. This acquisition substantially strengthens our inspection business within our Detection & Measurement segment, our fastest growing and highest margin segment, and further positions our company to achieve our long-term growth and value creation targets.”
SPX is also increasing its 2018 Adjusted earnings per share guidance to a range of $2.15 to $2.25 from $2.03 to $2.18 to account for the inclusion of the partial year results of CUES as well as Schonstedt Instrument Company (“Schonstedt”), the acquisition of which was completed during the first quarter of 2018. The results of both CUES and Schonstedt will be reported as part of the company’s cable & pipe locators and inspection equipment business within the Detection & Measurement segment.
SPX will host a conference call at 8:30 a.m. Eastern time on Friday, June 8, 2018 to discuss its recent acquisitions and updated 2018 guidance. Those interested in participating in the conference call should dial in five minutes prior to the start of the call. The call will be simultaneously webcast via the company's website at www.spx.com and the slide presentation will be available in the Investor Relations section of the site approximately two hours before the start of the call.
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 2017 and more than 5,000 employees in 14 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
