ULC will join the company’s Detection and Measurement segment focused on location and inspection technologies
HAUPPAUGE, N.Y., Sept. 2, 2020 – ULC Robotics, a pioneer in Robotics-as-a-Service (RaaS) solutions and technology development for the energy, utility and industrial markets, today announced that the company has been acquired by SPX Corporation, a supplier of highly engineered products and technologies, holding leadership positions in the HVAC, detection and measurement, and engineered solutions markets. ULC will join the Detection and Measurement segment of SPX which will contribute to ULC’S overall growth as a business and better position the company for product commercialization.
“We are delighted to join the SPX family and look forward to the continued growth of ULC Robotics in this exciting new phase,” said Gregory Penza, CEO and founder of ULC Robotics. “SPX’s extensive resources, expertise at commercializing new products and dedication to growing its Location and Inspection portfolio create attractive opportunities for ULC’s employees and customers alike.”
SPX will support ULC in product commercialization and market development of inspection technologies. The addition of ULC Robotics will round out SPX Corporation’s Detection and Measurement segment, which encompasses businesses focused on underground locators and inspection equipment, fare collection systems, and communication technologies products.
“We are excited to welcome the ULC Robotics team to SPX,” said Gene Lowe, President and CEO of SPX Corporation. “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; and, the addition of ULC’s R&D business further enhances SPX’s capacity to develop advanced technology solutions for customers across our platforms.”
“Becoming a part of the SPX team will support ULC’s ongoing commitment to develop and deploy advanced technology for energy and utility companies around the globe,” said Robert Kodadek, President of ULC Robotics. “The future of ULC has become even stronger through this partnership.”
More information can be found in the SPX Corporation press release: www.spx.com/investor-relations/financial-news-releases.
EC Mergers & Acquisitions acted as the exclusive financial advisor to ULC Robotics.
About ULC Robotics
Founded in 2001, ULC Robotics develops and deploys robotic systems, unmanned aerial systems, machine learning applications and inspection technology for the energy, utility and industrial sectors. The company’s customers include gas and electric utilities, developers and owners of offshore wind and renewable power installations, and industrial companies. ULC Robotics has approximately 160 employees, and is headquartered in Hauppauge, New York, with a significant presence in the United Kingdom. For more information on ULC Robotics and its products and services please visit www.ulcrobotics.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 $1.5 billion in annual revenue in 2019 and approximately 4,500 employees in 17 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.