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CHARLOTTE, NC, Aug. 15, 2022 (GLOBE NEWSWIRE) — SPX Technologies, Inc. (“SPX Technologies”) (NYSE: SPXC), as successor registrant to SPX Corporation, today announced that it has completed the reorganization of its corporate legal structure, pursuant to Section 251(g) of the Delaware General Corporations Act.
The reorganization included a tax-free merger of SPX Corporation with and into SPX Merger, LLC, a newly formed Delaware limited liability company that is a subsidiary of a newly formed Delaware corporation, SPX Technologies, Inc. Following the transaction, SPX Technologies became the holding company for the SPX group of companies and will now be the publicly traded entity. SPX common stock will continue to trade on the NYSE on an uninterrupted basis, with no change to the ticker symbol “SPXC”. The stock will trade under a new CUSIP (78473E 103).
The company anticipates multiple benefits from the transaction, including a simpler and more efficient legal structure to accommodate growth through acquisitions, and opportunities for more effective management of legacy liabilities.
A current report on Form 8-K filed today by SPX Technologies with the Securities and Exchange Commission provides additional details regarding the reorganization and SPX Technologies.
About SPX Technologies: SPX Technologies is a diversified global provider of highly engineered products and technologies, with leading positions in the HVAC and sensing & measurement markets. Based in Charlotte, North Carolina, SPX Technologies has more than 3,100 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the symbol “SPXC”. For more information, visit www.spx.com.
Note: Certain statements in this press release, including with respect to the benefits of SPX Technologies implementing a reorganization of its corporate legal structure (“the Transaction”) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor thus created. The company’s business activities and financial profile are subject to risks and uncertainties, including those identified in filings with the Securities and Exchange Commission by SPX Corporation, including its most recent Annual Report on Form 10-K and its quarterly report on Form 10-Q. These filings identify important risk factors and other uncertainties, including: the impact of the COVID-19 pandemic and governmental and other actions taken in response, including workforce constraints and disruptions to the supply chain; the uncertainty of the settlement of claims relating to major energy projects in South Africa, as well as claims relating to asbestos, environmental and other contingent liabilities; cyclical changes and industry-specific events in the Company’s markets; the economic impacts of continuing or increasing geopolitical tensions; changes in expected capital investments and maintenance expenditures by customers; availability, limitations or cost increases of raw materials and/or commodities that cannot be recovered in product prices; the impact of competition on profit margins and the company’s ability to maintain or increase market share; inadequate performance of third-party suppliers and subcontractors for outsourced products, components and services and other supply chain risks; cybersecurity risks; risks relating to the protection of intellectual property, particularly with respect to the company’s digitization initiatives; the impact of overruns, inflation and the occurrence of delays on long-term fixed price contracts; defects or errors in actual or anticipated products; national economic, political, legal, accounting and business developments adversely affecting the company’s business, including regulatory changes; changes in global economic conditions; uncertainties regarding the Company’s ability to identify acceptable acquisition targets; uncertainties surrounding the timing and success of any announced acquisition or divestiture transaction, including with respect to the integration of acquisitions and the realization of cost savings or other benefits from acquisitions; uncertainties as to the expected benefits of the reorganization of its corporate legal structure; the impact of retained liabilities of divested businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.
The words “guidance”, “believe”, “expect”, “anticipate”, “project” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee that such expectations will prove to be correct.
The statements contained in this press release speak only as of the date of this press release, and SPX Technologies disclaims any responsibility to update or revise these statements, except as required by law.
Investor and media contacts:Paul Clegg, Vice President, Investor Relations and CommunicationsGarrett Roelofs, Deputy Director, Investor RelationsPhone: 980-474-3806Email: [email protected]
Source: SPX Technologies, Inc.
Source: SPX Technologies