SPX announces purchase of SGS Refrigeration Inc.
August 12, 2019
|SPX Corporation has completed the acquisition of SGS Refrigeration Inc., based in Dixon, IL. SGS is a manufacturer and distributor of industrial refrigeration products in the North American market.
“We are excited about SGS joining the SPX team,” said Gene Lowe, president and CEO of SPX Corporation. “As a leader in industrial refrigeration, SGS has operated as a close partner with SPX Cooling Technologies in the evaporative condenser market. I am very pleased with the progress this partnership has made and look forward to the next phase of our growth together, as we combine our resources to further expand our addressable market and product suite of industrial refrigeration solutions.”
SGS’s 2018 annual revenues were approximately $15 million, including approximately $3.5 million of inter-company sales with SPX. The company’s results will be reported as a part of SPX’s HVAC Cooling business unit within its HVAC segment.
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, NC, SPX Corporation had approximately $1.4 billion in annual revenue in 2018 and approximately 4,000 employees in 17 countries. www.spx.com
SPX Cooling Technologies, Inc. is a global manufacturer of cooling towers, evaporative fluid coolers, evaporative condensers and air-cooled heat exchangers providing full-service cooling solutions and support to customers in the heating, ventilation and air conditioning (HVAC), refrigeration, power generation, petrochemical, and industrial markets for nearly a century. SPX Cooling Technologies and its product brands are part of SPX Corporation. www.spxcooling.com
SGS Refrigeration Inc. is a manufacturer and supplier of industrial evaporators and evaporative condensers. Founded in 2010, SGS has been involved in a partnership with SPX Cooling Technologies, Inc. since 2015 to produce the Cube line of forced-draft and induced-draft evaporative condensers designed to support a variety of industrial refrigeration applications.