Utility Contractor

JUL-AUG 2018

As the official magazine of NUCA, Utility Contractor presents the latest information affecting every aspect of the utility construction industry, including technological advancements, safety issues, legislative developments and instructional advice.

Issue link: http://digital.utilitycontractoronline.com/i/1002275

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Page 14 of 43

July/August 2018 | Utility Contractor 15 SPX Corp. Completes Acquisition of CUES Inc. SPX Corp. announced June 7 that it completed its previously announced acquisition of Orlando, Florida-based CUES Inc. a leading manufacturer of pipeline and rehabilitation equipment. "We are very excited to welcome the CUES team to SPX. CUES is a clear leader in pipeline inspection and rehabilitation products with recognizable brands, strong technology and an excellent reputation," said Gene Lowe, president and CEO of SPX, in a June 7 press release. "This acquisition substantially strengthens our inspection business within our Detection & Measurement segment, our fastest growing and highest margin segment, and further positions our company to achieve our long-term growth and value creation targets." SPX announced the acquisition April 23 and in that press release Lowe states CUES will add a complimentary solution to SPX's Radiodetection business. Under the agreement, a subsidiary of SPX will be merged with CUES' parent company, ELXSI Corp. Sandy Milley, president and CEO of ELXSI, will remain with ELXSI following the closing of the transaction and will continue to lead the CUES business. ELXSI's 2017 annual net sales were approximately $90 million, and following completion of the transaction, ELXSI's results will be reported with SPX's Radiodetection business within its Detection & Measurement segment. "The combination of CUES with SPX's Radiodetection business is an excellent fit," Milley said in the April 23 press release. "Bringing together CUES' strong reputation for high quality pipe inspection equipment and services with SPX's global footprint and marketing infrastructure is a natural step in taking CUES to the next level of growth and performance. I'm very excited about the numerous opportunities this transaction creates for our employees and customers alike, and personally look forward to working with the SPX team to build an even stronger, more valuable platform." SPX is also increasing its 2018 adjusted earnings per share guidance to a range of $2.15 to $2.25 from $2.03 to $2.18 to account for the inclusion of the partial year results of CUES as well as Schonstedt Instrument Company, the acquisition of which was completed during the first quarter of 2018. The results of both CUES and Schonstedt will be reported as part of the company's cable and pipe locators and inspection equipment business within the Detection & Measurement segment. US Infrastructure Corporation (USIC), announced On Target Utility Services as the newest addition to the USIC family. Since 1994, On Target has grown to be the largest underground utility locating company in New England, representing more than 31 electric, telephone, cable and gas companies in the region. Headquartered in Gardiner, Maine, On Target enlarges USIC's existing locating footprint in several states, including Maine, Vermont, New Hampshire, Connecticut, Massachusetts and Rhode Island. For USIC, this transaction adds more than 280 technicians and strengthens its ability to service new and existing customers in the Northeast. Both organizations will benefit as they combine to lead the industry in safety, quality, technology, and breadth of service offerings. This partnership further expands USIC's diversification of services with the addition of utility services like metering, storm restoration, telecommunications, smart grid and power line solutions to provide even more support for our customers. "This is an exciting time for USIC," said Rob Tullman, President and CEO of USIC. "I'm honored to lead this team and am excited for what the future holds for both USIC and our customers." US Infrastructure Corporation (USIC) Acquires On Target Utility Services

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