Charlotte-based SPX acquires robotics firm for $90M
CHARLOTTE — SPX Corporation, a supplier of engineered products and technologies, acquired ULC Robotics, the company disclosed in an 8-K filing with the Securities and Exchange Commission on Wednesday.
The terms of the agreement state that SPX will acquire ULC Robotics for total cash consideration of $90 million, and with contingent cash payments of up to an aggregate of $45 million to be paid in 2021 and 2022 “upon the successful achievement of certain operational and financial performance milestones,” according to the securities filing.
ULC Robotics, a pioneer Robotics-as-a-Service (SaaS)e, develops robotics systems and inspection technology for the energy, utility, and industrial sectors.
“The addition of ULC’s R&D business further enhances SPX’s capacity to develop advanced technology solutions, such as artificial intelligence (AI) and machine-learning, for customers across our platforms. The combination of ULC Robotics’ expertise in technology and solutions development with SPX’s market-leading capabilities in product commercialization, market development, and brand and channel management creates strong growth opportunities for our employees, customers and shareholders,” SPX CEO Gene Lowe said in a statement.
The Hauppauge, New York-based robotics company posted approximately $40 million in revenue in the past 12 months. SPX expects that the ULC Robotics acquisition will be accretive to its detection and measurement business segment. The company also anticipates a “modest” impact on its 2020 adjusted earnings per share.