SPX acquires Patterson-Kelley from Harsco Corp.
November 19, 2019 | By HPAC Magazine
Boiler manufacturers Patterson-Kelley and Weil-McLain now both under the SPX umbrella.
SPX Corp., through its subsidiary The Marley Company, has acquired Patterson-Kelley from Harsco Corp. for approximately US$60 million.
Patterson-Kelley, manufacturer and distributor of commercial boilers and water heaters, is headquartered in East Stroudsburg, PA, and the operation will join SPX Corp.’s existing HVAC solutions division which already includes the Weil-McLain residential and commercial boiler business.
“We are excited to welcome the Patterson-Kelley team to SPX,” said Gene Lowe, SPX Corp.’s president/CEO in a company release. “Patterson-Kelley is an excellent fit with SPX’s HVAC Heating platform that strengthens and accelerates our strategy in high-efficiency commercial boilers, and further enhances our product development capabilities.”
The sale of Patterson-Kelley is part of Harsco’s strategy to divest its industrial segment divisions. Nick Grasberger, chairman and CEO of Harsco Corp., commented in the release: “This transaction is a great outcome for Patterson-Kelley as it will become part of a diversified global company that appreciates and values the business and is committed to growing it for the benefit of its customers and employees.”
Based in Charlotte, NC, SPX Corp. is a US$1.4 billion business with 4,000 employees in 17 countries.
