CHARLOTTE, N.C., Feb. 01, 2019 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced today that it has completed the acquisition of the Sabik Marine and obstruction lighting business of Carmanah Technologies Corporation. The results of the purchased business will be reported with SPX’s Communication Technologies businesses within its Detection & Measurement segment. The acquisition is expected to be modestly accretive to SPX’s 2019 Adjusted EPS.

“We are excited to welcome the Sabik team to SPX,” said Gene Lowe, President and CEO of SPX Corporation. “This acquisition expands and strengthens our position in aids-to-navigation specialty lighting solutions. We believe Sabik’s highly-engineered technology and products are an excellent fit with SPX’s portfolio of communication technologies solutions, and will provide significant value creation for our shareholders.”

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 is expected to have approximately $1.4 billion in annual revenue in 2018 and approximately 4,000 employees in 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 Carmanah Technology Corporation: Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure. Since 1996, the company has earned a global reputation for delivering durable, dependable, efficient and cost-effective solutions for industrial applications that perform in some of the world’s harshest environments. For more information, please visit www.carmanah.com.