CHARLOTTE, N.C., April 11, 2022 (GLOBE NEWSWIRE) — SPX Corporation (NYSE: SPXC) today announced that it has completed the acquisition of International Tower Lighting, LLC, a private company headquartered in La Vergne, Tennessee. ITL is a leader in the design and manufacture of highly-engineered Aids-to-Navigation, or “AtoN” systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other structures. ITL also hosts monitoring and support services for its customers.
ITL’s results will be reported as part of SPX’s AtoN platform within its Detection & Measurement segment. ITL has revenue of approximately $18 million, and is anticipated to be modestly accretive to average segment margin. SPX anticipates updating 2022 guidance to reflect ITL when reporting Q1 2022 results in early May.
“We are excited to welcome ITL to the SPX team,” said Gene Lowe, President and CEO of SPX. “ITL is our third acquisition in our AtoN platform, and broadens and strengthens SPX’s position in AtoN by adding widely recognized, high quality products and technology, including a leading network operations center, and value added monitoring and communications services. We see significant opportunities to continue to grow our AtoN platform worldwide; and, the acquisition of ITL is another important step in that journey.”
Roberto Schipp, President and co-founder of ITL, commented “We are very pleased to be part of SPX. Joining forces with SPX’s worldwide AtoN businesses is a natural next step in the growth of our company and provides significant resources to help take our business to the next level. We look forward to the many opportunities this transaction creates for our customers and employees.”
About SPX Corporation: SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Corporation has approximately 3,100 employees in 15 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 International Tower Lighting, LLC:
International Tower Lighting, LLC is a recognized industry leader in the design and manufacture of obstruction lighting systems and components. The company offers a full line of medium intensity LED and xenon strobe obstruction lighting systems as well as replacement parts for the majority of US-made xenon strobe systems. Headquartered La Vergne, Tennessee, ITL was founded by Roberto Schipp and Andy Rudolph in the late 1990s, and has grown steadily in size over the last 25 years. For more information, please visit www.itl-llc.com.
