Sealite Announces Completion of Share Sale Agreement with SPX Corporation

Sealite Announces Completion of Share Sale Agreement with SPX Corporation

Sealite Announces Completion of Share Sale Agreement with SPX Corporation

Sealite Announces Completion of Share Sale Agreement with SPX Corporation

By:Mason Sugars | April 20, 2021

Sealite Pty Ltd (Sealite) is pleased to announce the company has completed a share sale agreement with SPX Corporation (SPX) (NYSE:SPXC). Under the terms of the agreement, SPX has acquired 100% of the share capital of Sealite, and affiliated entities including Avlite Systems and Star2M Pty Ltd.

Founded in 1982, Sealite is a vertically integrated provider of navigation aids to the marine and aviation sectors globally, with headquarters in Australia and operations in the United States and United Kingdom. For almost 40 years the company has pioneered innovative lighting, buoyage and telemetry solutions to improve the safety and efficiency of transportation.

Chris Procter, Chief Executive Officer of Sealite commented “We are very pleased to be part of SPX as it creates numerous opportunities for employees and customers to continue our growth journey.  Combining Sealite’s high-quality lighting products and regional strength with SPX’s extensive infrastructure and resources is a great opportunity to further advance product development and extend the reach of our combined solutions to a broader customer base.”

“We are excited to welcome Sealite to the SPX team,” said Gene Lowe, President and CEO of SPX. “This acquisition further expands and strengthens SPX’s position in engineered specialty lighting by adding another leader in the design and manufacture of ATON solutions.  We believe that Sealite’s high-value marine and airfield lighting applications and strong position in the Asia Pacific region are an excellent strategic fit with SPX’s existing portfolio of terrestrial and marine obstruction solutions, and strong position in Europe and the Americas.”

Sealite was advised on the transaction by KPMG Corporate Finance (both lead advisory and vendor due diligence) and Macpherson Kelley (legal advisor).

About Sealite:   Sealite is a privately-held company headquartered near Melbourne, Australia, with approximately 150 employees in Australia, Singapore, Colombia, the United Kingdom and the US.  The company is a technology leader in the design and manufacture of aids to navigation equipment including for marine and aviation applications.  For more information, please visit www.sealite.com and www.avlite.com.

About SPX Corporation:  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, North Carolina, SPX Corporation had approximately $1.6 billion in annual revenue in 2020 and more than 4,500 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.