Telephone: (202) 828-0850 Shelfbreak Downwelling in the Alaskan Beaufort Sea. ." The post-World War II years were a period of major expansion for Sealed Power. How do Earth's climate and biosphere change over time? Specialty Service Tools made up 54 percent of sales and were produced and distributed by the Automotive Diagnostics(created by the merging of Bear Automotive with the newly acquired Allen Testproducts), Dealer Equipment and Services, Kent-Moore, OTC, Power Team, and Robinair divisions of SPX. Characteristics and dynamics of wind-driven upwelling in the Alaskan Beaufort Sea based on six years of mooring data. Geophysical Research Letters, 46(1), 293-302. The two partners personally delivered the first piston rings manufactured in their rented 30 by 60 foot factory to the firms first customer, Continental Motors Corporation. By 1959, replacement parts accounted for about 50 percent of Sealed Power sales and served as an important hedge against the highly cyclical original equipment market. The resistance to recession that SPX believed it would gain from concentrating its resources on the automobile aftermarket and construction industries failed to materialize. Fax: (313) 374-6135 Sealed Power continued its program of diversification and expansion through acquisitions into the late 1980s. Also during 2000 SPX completed an initial public offering of 10.5 percent of class B stock in Inrange Technologies Corporation, a subsidiary specializing in the design, manufacture, marketing, and service of networking and switching products for storage, data, and telecommunications networks; it was actually Inrange that made two of the key 2000 acquisitions: Computerai and Varcom. That action came in April of 1989 when it was announced that the company would undergo a major restructuring. Milwaukee, Wisconsin 53214 How do we develop materials for human health and sustainable future? (616) 724-5000Fax: (616) 724-5720, Public Company Incorporated: 1911 as The Piston Ring CompanyEmployees: 8,600Sales: $756.15 millionStock Exchanges: New York PacificSICs: 3714 Motor Vehicle Parts and Accessories; 5013 Motor Vehicle Supplies and New Parts; 3546 Power Driven Handtools; 3492 Fluid Power Valves & Hose Fittings; 3542 Machine Tools, Metal Forming Types; 3561 Pumps and Pumping Equipment; 3829 Measuring and Controlling Devices Nec. The ring quickly achieved 100 percent original and replacement market acceptance, according to company sources. Churchill Group of Daventry, England, a major supplier of specialty tools and service products in Europe, further expanding Sealed Powers overseas presence. The acquisition, completed in October 1998, enabled SPX to substantially diversify its product portfolio beyond the automotive industry. Mean Conditions and Seasonality of the West Greenland Boundary Current System near Cape Farewell, Journal of Physical Oceanography, 50(10), 2849-2871. You can leave all the details to our experienced custom cabinet professionals. Rexnord Corp SPX Corporation Reports 1990 Sales and Earnings, Business Wire, February 12, 1991. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Deep Sea Research Part II: Topical Studies in Oceanography, 162, 79-92. SPX spent about $225 million during 2000 to complete 21 acquisitions, most of which were small, strategic purchases. Through a continuous focus on cost-containment, efficiency, and the retention and acquisition of only those businesses with the highest value, Blystone had managed to maintain solid levels of profitability for SPX through the more uncertain economic times of the early 21st century. These sales made up about one-quarter of the total U.S. market for piston rings and made Sealed Power the second largest manufacturer of piston rings in the country. ." By 1959, replacement parts accounted for about 50 percent of Sealed Power sales and served as an important hedge against the highly cyclical original equipment market. In 1983 and 1984, when domestic automobile production soared, Sealed Power earnings rose an impressive 27 percent and 17 percent only to fall back again in 1985 and 1986 when both the original equipment and replacement markets flattened out. In recognition of the changing nature of the company, the decision High levels of ambient ozone (O3) may impact COVID-19 in high altitude mountain environments. Other early moves in the Blystone era were the consolidation of divisions to save costs and the elimination of 1,100 jobs by mid-1997. A rumor was reported in early 1989 that corporate raider Arthur Goldberg was making a move towards SPX and had actually purchased a 4 percent stake in the company. This work has implications on the impact that climate change has on important ocean circulation systems such as the Atlantic Meridional Overturning Circulation. Robert Bosch Corporation; Dana Corporation; United Technologies Corporation; ABB Ltd. Alexander, Dave, Firms Poor Showing Forces SPX Head to Quit, Grand Rapids Press, June 29, 1995, p. B7. Moore, G. W. K., Schweiger, A., Zhang, J., & Steele, M. (2019). At this point in the automobile cycle, a parts industry analyst for Merrill Lynch was quoted as saying in a 1985 New York Times article, we believe that the aftermarket is more attractive than the original equipment segment. After the Kent-Moore purchase the proportion of sales contributed by each of Sealed Powers product groups began to shift. Acutex; Contech; Hy-Lift; Power Team; Automotive Diagnostics; Dealer Equipment and Services; Robinair; Filtran; Kent-Moore Corporation; Sealed Power; OTC; Allied Ring Corporation (50%); Jurubatech (Brazil); Bear (Germany, Italy, United Kingdom); Euroline (Germany, Spain, Switzerland, United Kingdom); Sealed Power Europe (Germany; 70%); V.L. Renfrew, I. In 1982, the year of the Kent-Moore acquisition, aftermarket sales made up 39 percent of total sales, original equipment contributed 35 percent, and specialty service tools took over 22 percent of total revenues. LTD; SPX U.K. Ltd.; Stock Japan Ltd.; Tau-Tron (UK) Limited; Tecnotest Srl (Italy); Telenex Europe Limited (U.K.); Valley Forge Technical Information Services GmbH (Germany); Ziton Limited (U.K.). Diversification had meant that piston rings made up a smaller percentage of sales than it had in the early 1960s; nonetheless, Sealed Powers original engine parts group, which now included sealing rings, valve tappets, and transmission filters in addition to the companys longstanding engine products, still accounted for 42 percent of sales in 1975. During the next six years it acquired a manufacturer of valve tappets (since renamed the Hy-Lift Division), a manufacturer of transmission fluid filters (since renamed the Filtran Division), and a manufacturer of small alloyed castings. The company began to divest unprofitable or noncore operations and strengthen and grow the remaining core units. (2020). (2021). Influence of Atlantic and Pacific Sea Surface Temperatures on Heat-Related Mortality in the United States. This work has and will continue to improve our understanding of the changes that are occurring in these regions as the Earth warms. "SPX Corporation https://doi.org/10.1038/s41467-020-20314-w, Renfrew, I.A., Barrell, C., Elvidge, A.D., Brooke, J.K., Duscha, C., King, J.C., Kristiansen, J., Lachlan Cope, T., Moore, G.W.K., Pickart, R.S., Reuder, J., Sandu, I., Sergeev, D., Terpstra, A., Vage, K., &Weiss, A. The first step in the repositioning of the company was the sale of their automotive replacement parts division to Federal-Mogul in September of 1993. , SPX Plans to Trim Sites, Jobs in Restructuring, Wall Street Journal, December 29, 1998, p. A4. . U.S.A. Total funding of the company - $5M. Circulation of the Chukchi Sea shelfbreak and slope from moored timeseries. Taylor, Michigan 48180 1911, the specialty tools that it produced relied on the introduction of new automotive models rather than on the volume of production. A rumor was reported in early 1989 that corporate raider Arthur Goldberg was making a move toward SPX and had actually purchased a 4 percent stake in the company. Novoselick, Paul, SPX Wins, Despite Losing Bid for Takeover, Grand Rapids Press, May 18, 1998, p. B4. Power Team and Truth further diversified Sealed Powers product line with the addition of high-pressure hydraulic pumps and other equipment for industrial applications as well as window and door hardware for the home construction industry. 32, 34. Also acquired in 1985 was the V.L. Blystone had experience turning companies around, and he moved quickly to change SPXs fortunes. With the latest in machine technology, computer-aided design, and the most environmentally friendly finish found anywhere in the world today, Kent Moore Cabinets is the cabinet maker of choice for Texans. In 1923 they bought the No-Leak-O Piston Ring Company, which allowed the firm to further increase its production of the crucial engine component. Revenues surged to $2.71 billion in 1999, while net income was a strong $101.5 million. Sales were down in all sectors, but continued losses in their Bear Automotive Service Equipment division were particularly worrisome. Two years later the company built a cylinder sleeve machining facility in Rochester, Indiana, and in 1957 it added a Replacement Distribution Center in LaGrange, Indiana. Retrieved August 02, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/spx-corporation-0. In order to reflect this new diversity, the company also changed its name from the simple The Piston Ring Company to the more evocative Sealed Power Corporation.. International Directory of Company Histories. . Brasch Marketing, producer of automotive owners manuals and technical service and training materials, a company that fit perfectly alongside the specialty service equipment operations. That action came in April 1989 when it was announced that the company would undergo a major restructuring. Since taking over leadership of the company in late 1995, Blystone had engineered both a remarkable financial turnaround and a major transformation in the mix of SPX operations, and had also laid the foundation for a bright future. Danielson, S.L., Ahkinga, O., Ashjian, C., Basyuk, E., Cooper, L.W., Eisner, L.,Farley, E.,Iken, K.B., Grebmeier, J.M.,Juranek, L., Khen, G.,Jayne, S.R.,Kikuchi, T.,Ladd, C.,Lu, K.,McCabe, R.M.,Moore, G.W.K.,Nishino, S.,Ozenna, F.,Pickart, R.S.,Polyakov, I., Stabeno, P.J.,Thoman, R.,Williams, W.J.,Wood, K., & Weingartner, T.J. (2020). Sealed Power Corp. Extends Solid Earnings, Recovery of Final Half of Last Year, Barrons, March 16, 1959, p. 28. https://www.encyclopedia.com/books/politics-and-business-magazines/spx-corporation, "SPX Corporation U.S.A. Although sales grew, earnings remained heavily dependent on fluctuations in the auto industry. At the beginning of the 1960s, in spite of product diversification over the previous 50 years, the sale of piston rings for both the original and replacement markets still accounted for over 65 percent of Sealed Powers sales. For a complete listing of publications, please visit:https://scholar.google.ca/citations?hl=en&user=l_eZf-YAAAAJ&view_op=list_works&sortby=pubdate. The improved financial condition of the firm was evident from the operating profit of $24.6 million reported in 1996, a substantial gain over the $7.7 million figure of the preceding year. The bathroom is the place in the house where you want to feel safe and comfortable. Campbell, E. C., Wilson, E. A., Moore, G. W. K., Riser, S. C., Brayton, C. E., Mazloff, M. R., & Talley, L. D. (2019). In 1923 they bought the No-Leak-O Piston Ring Company, which allowed the firm to further increase its production of the crucial engine component. International Directory of Company Histories. Lawrenceville, New Jersey 08648 Net income, however, failed to rise as consistently and the still considerable original equipment segment continued to be tied to the fluctuations in the automobile industry. Turner, Mike, The New Look of Muskegons SPX, Grand Rapids Business Journal, April 17, 1989, p. Bl. ." Whether or not these rumors were heeded by SPX management, they clearly felt that strong action was needed to maintain shareholder confidence in the now diffuse company. Charles E. Johnson II, grandson of the company cofounder, was named interim leader(Dale A. Johnson was not related to the founding Johnson family). Sales continued to grow during the 1980s, topping $400 million in 1983 and placing Sealed Power on the Fortune 500. In addition, SPX would establish an employee stock ownership plan, in an apparently defensive move, to make unfriendly takeovers more difficult. The late 1980s were a critical period for Sealed Power. (August 2, 2022). Kent-Moore also had significant overseas operations, including a partnership in Japan, that allowed Sealed Power to expand its foreign presence. Lin, P., Pickart, R. S., Moore, G. W. K., Spall, M. A., & Hu, J. Although sales grew, earnings remained heavily dependent on fluctuations in the auto industry. You can add decorative elements and customize to your hearts content. Dorfman, Dan, Money Follows Goldbergs Moves, USA Today, March 3, 1989, p. 4B. Public Comp, Imo Industries Inc. Our strategy is to create market advantages through product and technology leadership, by expanding our service offerings to full customer solutions and by building critical mass through strategic acquisitions. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. The specialty service tools segment of SPX, which accounted for 54 percent of its revenues in 1993, is operated through its Kent-Moore, Power Team, Dealer Equipment and Services, OTC, Robinair, and Automotive Diagnostics divisions. Then, copy and paste the text into your bibliography or works cited list. In 1989 the company reached a major crossroads diversification had transformed it from an engine parts maker with some other interests, to a replacement parts and specialty service tool manufacturer that also made piston rings. 21(4), 352-359. doi: 10.1089/ham.2019.0069. Instead, 1990 proved a very poor year for all sectors of SPX, with the exception of such environmentally driven products as refrigerant recycling equipment from the Robinair division. The company currently specializes in the Building Materials area. In 1983 and 1984, when domestic automobile production soared, Sealed Powers earnings rose an impressive 27 percent and 17 percent only to fall back again in 1985 and 1986 when both the original equipment and replacement markets flattened out. In order to respond to the growing threat of Japanese automobile imports, Sealed Power also set up a joint agreement with the Riken Corp., Japans largest manufacturer of piston rings, to allow Sealed Power to distribute Rikens engine parts for repair and maintenance of Japanese cars in the United States. You, Q., Bao, Y., Jiang, Z., Pepin, N., & Moore, G. W. K. (2019). The restructuring itself had, however, demanded a substantial outlay, and SPX faced another substantial loss by the end of 1993. We are a global multi-industry company that is focused on profitably growing our businesses that have scale and growth potential, enabling us to continue to grow sales, earnings and cash flow. The late 1980s were a critical period for Sealed Power. Owatonna, a producer of specialty tools and electronic repair equipment, allowed Sealed Power to expand its market in this area. Sendler, Emily R., SPX Agrees to Acquire General Signal in $2 Billion Deal for Stock and Cash, Wall Street Journal, July 21, 1998, p. A4. How do we monitor and predict natural hazards? Kent-Moore, headquartered in Warren, Michigan, was a major manufacturer of specialized service tools, equipment, and diagnostic instrumentation for the transportation industry. The money was to serve as the initial working capital of their new single product firm, The Piston Ring Company. Web site: http://www.danaher, https://www.encyclopedia.com/books/politics-and-business-magazines/spx-corporation-0, https://www.encyclopedia.com/books/politics-and-business-magazines/spx-corporation. As the new SPX emerged in 1994, its operations were tightly focused in two distinct arenas. Original equipment motor parts sales had fallen to only 28 percent of total company revenues, whereas replacement parts constituted 36 percent of sales, service products and specialty service remained steady at 22 percent of corporate volume, and window and door hardware now assumed 14 percent of total sales. Respiratory physiology & neurobiology, 280, 103487. https://doi.org/10.1016/j.resp.2020.103487. In 1974, for instance, a year in which American car and truck production plummeted, earnings fell to $1.46 per share from the previous years $2.19. In order to reflect this new diversity, the company also changed its name from the simple The Piston Ring Company to the more evocative Sealed Power Corporation.. Was an Avalanche Swarm Responsible for the Devastation at Mount Everest Base Camp During the April 2015 Nepal Earthquake? Acquisitions had greatly increased SPXs total sales, which rose from $250 million in 1980 to $632 million in 1989. In addition to a number of smaller businesses, the company purchased the piston ring operations of TRW in 1987, resulting in a reorganization and consolidation of Sealed Powers piston manufacturing plants and the laying off of some 400 employees. Based in Charlotte, North Carolina, United Dominion was a diversified manufacturer of flow technology, engineered machinery, test instruments, and other products. Its headquarters is located at Bryan, Texas, USA. The kitchen is considered the sexiest part of your home. It needs to appeal and be welcoming to yourself, your family, and your guests. Fax: (216) 523-4787 The money was to serve as the initial working capital of their new single product firm, The Piston Ring Company. By early 2002 a court date for the trial had been scheduled for February 2003. The Iceland Greenland Seas Project. was reached to change the company name from the Sealed Power Corporation to the SPX Corporation. (2020). (203) 363-7300 In April 2001 SPX announced that it planned to purchase VSI Holdings Inc., a Bloomfield Hills, Michigan-based provider of integrated marketing services mainly to the automotive industry, for $197 million. SPX Corporation Reports 1992 Financial Results, Business Wire, February 16, 1993. The number of employees ranges from 100 to 250. For the first time in over 50 years SPX recorded a net loss, totaling $19.4 million. https://www.encyclopedia.com/books/politics-and-business-magazines/spx-corporation-0, "SPX Corporation This distribution center, which serviced 33 smaller distribution outlets in key cities throughout the United States and Canada, was indicative of the growing role of replacement parts marketing in the companys business strategy. Professor Moore uses theoretical, computational and observational techniques to improve our knowledge of the dynamics of the climate system so as to improve our ability to place currently observed changes to the climate in a long-term context. Each new car model required a set of specialized tools with which dealers could service the vehicles, and the Kent-Moore division worked directly with manufacturers before new vehicles were introduced. With beginnings as an auto parts manufacturer, SPX Corporation has evolved over its 90-plus-year history into a wide-ranging maker of various industrial products and a provider of related services. Evans (Holdings) Limited (U.K.); Hangzhou Kayex Zheda Electromechanical Co., Ltd (China); High Ridge Ireland Ltd.; IBS Filtran GmbH (Germany); JATEK, Limited (Japan) KK; Jurubatech (Brazil); Kent-Moore do Brasil Industria Commerce, Ltda. Blake, Laura, SPX Sees Profit with Acquisition, Grand Rapids Business Journal, July 5, 1993, p. B7. Nature, 570(7761), 319-325. The vehicle components segment is a supplier of aluminum and magnesium die-castings, forgings, automatic transmission and small engine filters, and transmission kits to automotive original equipment manufacturers. High latitude climate dynamics, Mountain meteorology, High altitude physiology. Robert D. Tuttle, then company chairman and CEO, stated in a press release that the name change was necessary because the Sealed Power name did not reflect the scope of the companys diversity in products and markets nor the range and depth of its vision of the companys future. GeoHealth, 4(2), e2019GH000220. Telephone: (414) 643-3000 The firm had annual sales of about $2.4 billion. In the years between the two World Wars, The Piston Ring Company began a series of acquisitions and expansions, a pattern of growth for the company for the next 60 years. This diversification of their product line would become a fundamental component of the companys strategy in later years. In early 1982, the company acquired Kent-Moore Corporation in a cash and stock transaction valued at $70 million. The industrial products and services segments includes power transformers, industrial valves, industrial fluid mixers and agitators, laboratory and industrial ovens and freezers, hydraulic pumps, material handling systems, and electric motors for industrial chemical companies, pulp and paper makers, laboratories, and utilities. , Muskegons Largest Corporation Leaving for Charlotte, N.C., Grand Rapids Press, September 1, 2001, p. D3. Extreme variability in Irminger Sea winter heat loss revealed by ocean observatories initiative mooring and the ERA5 reanalysis. Fax: (203) 363-7295 Then, in late 1993, the company decided to repurchase the outstanding 49 percent stake in the Sealed Power Technologies Partnership. Surface pressure and elevation correction from observation and multiple reanalyses over the Tibetan Plateau. Web site: http://www.masco.com In 1946 the company opened its first plant outside Muskegon with the construction of a piston ring machining facility at St. Johns, Michigan, closer to the huge Detroit automakers than were its primary customers. https://doi.org/10.1002/essoar.10504350.1. Toll Free: (800) 386-1911 An important step in Sealed Powers campaign to diversify its product line, the acquisition of Kent-Moore provided a new direction for Sealed Powers relationship with the auto industry. In addition to a number of smaller companies, the company purchased the piston ring operations of TRW in 1987, resulting in a reorganization and consolidation of Sealed Powers piston manufacturing plants and the laying off of some 400 employees. As part of its integration of General Encyclopedia.com. At this point in the automobile cycle, a parts industry analyst for Merrill Lynch was quoted as saying in a 1985 New York Times article, we believe that the aftermarket is more attractive than the original equipment segment. After the Kent-Moore purchase the proportion of sales contributed by each of Sealed Powers product groups began to shift. The resistance to recession that SPX felt it would gain from concentrating its resources on the automobile aftermarket and construction industries failed to materialize. Sealed Power, Engine Parts Maker Revved Up for Record Earnings, Barrons, May 10, 1976, pp. Antarctic offshore polynyas linked to Southern Hemisphere climate anomalies. The acquisition in 1931 of the Accuralite Company, a maker of pistons and cylinder sleeves, would mark a crucial step for the growing firm. SPX continued to restructure, divest selected units, and complete acquisitions in 1999. Web site:, 100 First Stamford Place That same month, the company announced that it would relocate its company headquarters from Muskegon to Charlotte, North Carolina. (2020). Web site: http://www.rexnord.com, 21001 Van Born Road By 1993 sales had climbed to over $800 million and its specialty service tools were being used by professional service technicians in more than 120,000 vehicle repair facilities around the world. Q J R Meteorol Soc. SPXs original equipment components group, previously called Sealed Power Technologies, was separated from its parent in 1989 but was reacquired in 1994. Sealed Power Corp. Reports 1980 First-Quarter Sales, PR Newswire, March 18, 1980. The story was similar in 2000 although there were no major divestitures and the companys acquisitiveness increased. International Directory of Company Histories. Diversification continued to dominate Sealed Powers long-term business strategy in the 1980s. Journal of Physical Oceanography, 49(1), 121-140. In 1968 the company acquired another cylinder sleeve plant in Mexico as well as the Consolidated Die Cast Corporation (since renamed Contech), a Michigan firm that produced precision die castings. SPXs foundations were laid on December 20, 1911, when two friends, Charles E. Johnson and Paul R. Beardsley, each deposited $1,000 in the National Lumbermans Bank of Muskegon, Michigan. This situation is compounded by the growing number of vehicles which bear domestic nameplates, but are powered by engines manufactured overseas.. Pick a style below, and copy the text for your bibliography. Journal of Geophysical Research: Oceans, 124(10), 7201-7225. This expansion in both production and market diversity was accompanied by a major product breakthrough in 1956 when Sealed Power introduced the first stainless steel piston ring. (Brazil); Leeds & Northrup Limited (U.K.); Lightnin Mixers Limited (U.K.); Lowener GmbH (Germany); Shenyang Stock Electric Power Equipment Company Limited (China); SPX Australia Pty., Ltd.; SPX Canada, Inc.; SPX (Europe) A.G. (Switzerland); SPX Europe GmbH (Germany); SPX France, S.A.; SPX Iberica, S.A. (Spain); SPX International, Ltd. (Barbados); SPX de Mexico S.A. de C.V.; SPX 2 Aug. 2022
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