SPX Announces Purchase of ULC Robotics

Highly Strategic Addition to Location & Inspection Platform
Attractive Growth Platform with Recurring Revenue Base in Robotics as a Service (RaaS)
Significantly Enhances New Product Development Capabilities

CHARLOTTE, N.C., Sept. 02, 2020 (GLOBE NEWSWIRE) -- SPX Corporation (NYSE:SPXC) announced today that it has acquired ULC Robotics (“ULC”), a leading developer of robotic systems, machine learning applications and inspection technology for the energy, utility and industrial sectors.  A pioneer in the field of Robotics-as-a-Service (RaaS), ULC operates a growing, recurring-revenue business called CISBOT which uses robotic solutions designed to rehabilitate and extend the life of natural gas distribution networks for utility customers.  ULC also operates a custom Research & Development (“R&D”) business that provides cutting edge technology solutions to a growing base of utility and industrial customers.

ULC is headquartered in Hauppauge, New York, with a significant presence in the United Kingdom. Its results will be reported with SPX’s Location & Inspection platform within its Detection & Measurement segment. Over the last twelve months ULC Robotics has had revenue of approximately $40 million and, once integrated, is anticipated to be accretive to SPX’s Detection & Measurement segment margin. The acquisition is expected to have a modest impact on SPX’s 2020 Adjusted EPS. 

Gene Lowe, SPX Corporation’s President and CEO, commented, “We are excited to welcome the ULC Robotics team to SPX. ULC’s Robotics-as-a-Service business is a strong complement to SPX’s world-class suite of solutions for the location, inspection and maintenance of underground infrastructure.  The addition of ULC’s R&D business further enhances SPX’s capacity to develop advanced technology solutions, such as artificial intelligence (AI) and machine-learning, for customers across our platforms. The combination of ULC Robotics’ expertise in technology and solutions development with SPX’s market-leading capabilities in product commercialization, market development, and brand and channel management creates strong growth opportunities for our employees, customers and shareholders.”