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.”