SPX Corporation (NYSE:SPXC) has completed the acquisition of Schonstedt Instrument Company (“Schonstedt”), based in Kearneysville, West Virginia. Schonstedt is a manufacturer and distributor of magnetic locator products used for locating underground utilities and other buried objects. Schonstedt provides solutions for the detection and location of objects and phenomena below the surface of the ground or water, and specializes in instruments to locate iron and steel (ferrous) objects, and pipes and cables (linear underground conductors). The company’s products are sold through a wide network of dealers and manufacturers representatives throughout the world.
Schonstedt’s 2017 annual revenues were approximately $9 million, and will be part of SPX’s Radiodetection business unit within its Detection & Measurement segment.
EC M&A acted as financial advisor to SPX on this transaction