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Accelerates Growth Strategy of Communications Technologies Platform;
Highly Complementary Technology and Growth Markets

CHARLOTTE, N.C., Jan. 27, 2025 (GLOBE NEWSWIRE) — SPX Technologies, Inc. (NYSE:SPXC) (“SPX”, the “Company”, “we” or “our”) announced today that it has completed the acquisition of Kranze Technology Solutions, Inc. (“KTS”), a leader in digital interoperability and tactical networking solutions. KTS is now a part of SPX Technologies’ Communication Technologies (“CommTech”) platform, within its Detection & Measurement segment. KTS is anticipated to be modestly accretive to adjusted earnings per share from continuing operations in 2025. Management plans to provide 2025 guidance including the impact of KTS on February 25, 2025, when SPX Technologies reports Q4 2024 results.

“We are excited to welcome the KTS team to the SPX Technologies family,” said Gene Lowe, President and CEO of SPX Technologies. “This transaction significantly scales our position in Communication Technologies and expands our value creation opportunities in highly complementary growth markets across our global customer base. KTS’s advanced digital interoperability technology and strong position in U.S. defense platforms are an excellent fit with SPX’s existing tactical datalinks, communications intelligence, and radio frequency (RF) countermeasure offerings.”

Richard Kranze, co-founder of KTS commented, “We are delighted for KTS to be joining SPX Technologies’ CommTech team. Bringing together SPX’s expertise and resources with KTS’s strong technology and customer relationships creates numerous growth opportunities for employees, customers, and shareholders. I look forward to helping the SPX Technologies team to build an even stronger, more valuable platform.”

About KTS: Founded in 2008, KTS is a leading provider of digital interoperability and tactical networking solutions that drive superior situational awareness, interoperability, and increased survivability across multiple platforms and domains.

About SPX Technologies, Inc: SPX Technologies 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 Technologies has more than 4,100 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.

Non-GAAP Financial Information: This press release refers to adjusted earnings per share from continuing operations (or, adjusted EPS) which is not financial measures as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial measure does not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measure under GAAP. Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures, that we do not consider indicative of our on-going performance. These items include, but are not limited to, acquisition costs, costs associated with dispositions, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Accordingly, any reconciliation of our non-GAAP financial guidance to the most comparable GAAP financial measures is not practicable.

Forward Looking Statements: Statements in this press release with respect to the future impact of the acquisition of KTS 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 created thereby. Please read these results in conjunction with the Company’s documents filed with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: changes and specific industry events in KTS’s markets; availability, limitations or cost increases of raw materials and/or commodities that cannot be recovered in product pricing; the impact of competition on profit margins and KTS’s ability to maintain or increase market share; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; cyber-security risks; risks with respect to the protection of intellectual property; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, governmental, political and business developments adversely affecting KTS’s Company’s business, including regulatory changes; changes in applicable economic conditions, including as a result of geopolitical conflicts; uncertainties with respect to the successful integration of KTS and achieving cost savings or other benefits from the acquisition; potential labor disputes; and extreme weather conditions and natural and other disasters. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements, except as required by law.

Investor and Media Contacts:
Paul Clegg, Vice President, Investor Relations and Communications
Phone: 980-474-3806
E-mail: spx.investor@spx.com

Source: SPX Technologies

Source: SPX Technologies

Further Strengthens and Scales Communications Technologies Platform;
Significant Installed Base and Attractive Pipeline of Growth Opportunities

SPX Technologies Announces Agreement to Purchase Kranze Technology Solutions (“KTS”)
Further Strengthens and Scales Communications Technologies Platform;
Significant Installed Base and Attractive Pipeline of Growth Opportunities

CHARLOTTE, N.C., Dec. 23, 2024 (GLOBE NEWSWIRE) — SPX Technologies (NYSE:SPXC) announced today that it has entered into a definitive agreement to purchase Kranze Technology Solutions, Inc. (“KTS”), a leader in digital interoperability and tactical networking solutions. Upon closing, KTS will become a part of SPX Technologies’ Communication Technologies (“CommTech”) platform, within its Detection & Measurement segment.

Headquartered in Des Plaines, Illinois, KTS has developed a strong reputation for advanced digital interoperability and tactical networking solutions which integrate and distribute real-time information across multiple communications domains and platforms to enhance situational awareness, coordination, and tactical execution during operations. KTS has built trusted relationships with customers, particularly with the US Marine Corps, equipping KTS’ products on numerous marquee platforms.

Under the terms of the agreement, SPX Technologies will purchase KTS and certain significant tax attributes for approximately $350 million in cash. KTS is anticipated to generate revenue of approximately $90 million for the full year 2025, with a segment income margin and revenue growth rate that are both modestly above the Detection & Measurement segment average.

The parties anticipate the closing of the transaction in the first quarter of 2025, subject to regulatory clearance under the Hart-Scott-Rodino Act. SPX Technologies intends to finance the acquisition by drawing on its revolving credit facility. After the interest cost of financing, the acquisition is anticipated to be modestly accretive to SPX’s adjusted earnings per share in 2025.

“We are looking forward to welcoming KTS to the SPX Technologies team,” said Gene Lowe, President and CEO of SPX Technologies. “Along with our TCI and ECS businesses, KTS is an excellent fit with our existing CommTech platform within our Detection & Measurement segment. KTS’ differentiated digital interoperability solutions are highly complementary to our existing tactical datalinks and radio frequency (RF) countermeasure offerings and bring significant and further growth opportunities to our business.”

Mr. Lowe continued, “KTS further strengthens and complements our long-term customer relationships and geographic footprint and brings a significant installed base, and secure long-term positions within growing, long-lifecycle US military platforms that rely on their highly differentiated technology. The Company has a strong pipeline of growth opportunities in the US and the strategically important Asia Pacific region.”

Mr. Lowe further commented, “This will be our 15th acquisition since 2018 and further validates our strategy of building high-quality, market-leading platforms. KTS will scale our CommTech platform to more than $200 million in revenue, providing a solid foundation for further growth in closely adjacent end markets.”

Dr. Richard Kranze, KTS’ Founder and CEO, said, “The combination of KTS and SPX Technologies’ Communication Technologies platform is a natural next step in the growth of our business that will provide numerous opportunities for our employees and partners. Bringing together two leading communications technologies providers with SPX Technologies’ substantial resources, technological capabilities, and business system is a recipe for significant growth and value creation. The KTS team looks forward to working with the SPX team to build an even stronger, more valuable business.”

About KTS: Founded in 2008, KTS is a leading provider of digital interoperability and tactical networking solutions that drive superior situational awareness, interoperability, and increased survivability across multiple platforms and domains.

About SPX Technologies, Inc: SPX Technologies 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 Technologies has more than 4,100 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.

On December 5th, TCI hosted 19 women leaders from Africa at our training center in Fremont, California. The training focused on strategies for leadership, everything digital and technologies for spectrum monitoring and management. There was great engagement and enthusiasm from the group as they interacted with speakers and engineers during the day. The training was sponsored by the USTTI and NTIA as part of their commitment to provide training to Youth and Emerging Leaders.

As global conflict and geopolitical challenges continue to escalate, defense strategies are increasingly emphasizing technological innovation and seamless integration across systems. These efforts aim to strengthen resilience, agility, and deterrence, with counter-unmanned aerial systems (Counter-UAS) and communications intelligence (COMINT) at the forefront of modern defense capabilities.

Nations and alliances, including NATO and AUKUS, are prioritizing joint development and integration, enhancing shared defense networks. For example, initiatives like NATO’s Integrated Air and Missile Defense (IAMD) and the European Sky Shield underscore the importance of interconnected systems, combining sensors, command controls, and weaponry. These developments ensure rapid response to emerging aerial threats, particularly unmanned aerial systems (UAS), which have evolved significantly in recent years.

Recognizing these challenges, SPX Communication Technologies has developed the BLACKTALON Ecosystem—a scalable, customizable solution designed to detect, track, and neutralize hostile drones. Leveraging decades of expertise, BLACKTALON Ecosystem integrates advanced technologies from SPX and its partners into a vendor-agnostic framework, enabling tailored solutions that meet diverse operational needs.

The BLACKTALON core includes active radars, EOIR systems, RF jammers, and RF direction finders, which can be customized or replaced thanks to its open architecture. This flexibility allows integration with cutting-edge tools such as 3D radar from Echodyne, autonomous tracking systems, and robust mobile mounting options.

Additionally, SPX’s Blackbird software enhances threat detection, tracking, and mitigation, while the Claw RF inhibitor disrupts and neutralizes hostile UAS activity. Supported by partnerships with leading manufacturers, the BLACKTALON Ecosystem exemplifies how collaboration drives innovation in Counter-UAS technology.

As Counter-UAS demand grows in 2025, SPX Communication Technologies remains at the forefront, delivering reliable solutions to safeguard critical operations worldwide. For further information on our Counter-UAS capabilities, including the BLACKTALON Ecosystem, visit www.tcibr.com/blacktalon-ecosystem or contact the team at sales@enterprisecontrol.co.uk.

Thanksgiving, an American tradition, starts early at TCI!  There are many things for which we are thankful, and being able to share delicious food with coworkers is just one of them. Thank you to all our employees for your hard work. It’s been a busy year but we’re on the home stretch. May the celebrations continue next week and may your families and your tables be bountiful with tasty food and those who matter most!

We were delighted to attend the Chepstow Military Raceday Conference and Exhibition last week, and very proud to see Eric Kaled, President of SPX Technologies and Genfare at SPX Technologies, receive the BATTLESPACE Businessman of the Year 2024 award.  Our Battlespace Business Development Director, David Beckett, was also honored to present the Winner’s Award to the Jockey and Owners of ‘French Ship’, winner of the 4th race of the day entitled ‘the BLACKTALON Maiden Hurdle’ which was sponsored by SPX Communication Technologies.  To find out more about Eric’s success and career so far, please click here to read the full article published in the recent BATTLESPACE magazine: https://enterprisecontrol.co.uk/battlespace-interview-with-eric-kaled-president-at-spx-communication-technologies-and-genfare/