<SEC-DOCUMENT>0001104659-22-092395.txt : 20220926
<SEC-HEADER>0001104659-22-092395.hdr.sgml : 20220926
<ACCEPTANCE-DATETIME>20220818090018
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-092395
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SPX Technologies, Inc.
		CENTRAL INDEX KEY:			0000088205
		STANDARD INDUSTRIAL CLASSIFICATION:	METALWORKING MACHINERY & EQUIPMENT [3540]
		IRS NUMBER:				381016240
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6325 ARDREY KELL ROAD
		STREET 2:		SUITE 400
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
		BUSINESS PHONE:		980-474-3700

	MAIL ADDRESS:	
		STREET 1:		6325 ARDREY KELL ROAD
		STREET 2:		SUITE 400
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SPX CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SEALED POWER CORP
		DATE OF NAME CHANGE:	19880515
</SEC-HEADER>
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  <TD STYLE="width: 33%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 34%; vertical-align: bottom">August&nbsp;18, 2022</TD>
  <TD STYLE="text-align: right; width: 33%"><IMG SRC="tm2223628d1_correspimg01.jpg" ALT=""></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Technology&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 5%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 5%">Re:</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 90%; text-align: left">SPX Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 2021</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>Filed February&nbsp;25, 2022</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>Form&nbsp;8-K furnished on February&nbsp;23, 2022</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>File No.&nbsp;001-06948</B></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As reported in the Form&nbsp;8-K of SPX Technologies,&nbsp;Inc.
(the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; and &ldquo;our&rdquo;) filed on August&nbsp;15, 2022, the Company is the successor registrant
pursuant to Rule&nbsp;12g-3(a)&nbsp;under the Securities Exchange Act of 1934, as amended, to SPX Corporation (&ldquo;Legacy SPX&rdquo;)
as a result of the completion on August&nbsp;15, 2022 of a holding company reorganization effected as a merger of Legacy SPX with and
into SPX Merger, LLC, a subsidiary of the Company. As the successor registrant to Legacy SPX, the Company is providing this letter to
respond to the comments on the above-referenced filings provided by the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange
Commission by letter dated August&nbsp;5, 2022 addressed to Legacy SPX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the Staff&rsquo;s comments is restated
below in bold type, and is followed by the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2021</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Results of Continuing Operations</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Other Operating Expenses, net, page&nbsp;28</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. We note that you recorded significant charges related to the
reversal of the contingent consideration liability and the impairment of goodwill in this line item yet you provide no disclosure here
regarding those charges. Please revise to disclose the nature of all material changes within the line item, including where material changes
offset one another. Refer to Item 303(b)&nbsp;of Regulation S-K.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left">SPX Technologies,&nbsp;Inc.</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">6325 Ardrey Kell Road, Charlotte, NC</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 32%">www.spx.com</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and undertakes
in future filings to disclose material changes, including any material changes that offset each other, for each of the line items within
its Consolidated Statements of Operations. The Company respectfully submits that, while such discussion was not included under the &ldquo;Other
Operating Expenses, Net&rdquo; discussion, the requested revisions would not materially change a reader&rsquo;s understanding of the
Company&rsquo;s results of operations for the year ended December&nbsp;31, 2021 as the nature and amount of the reversal of the contingent
consideration liability and the impairment of goodwill are adequately disclosed on page&nbsp;24 of Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations &ndash; Executive Overview.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Consolidated Financial Statements</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Consolidated Statements of Operations, page&nbsp;54</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. We note you recorded the third quarter impairment charge of $24.3
million within &quot;other operating expenses, net.&quot; Please revise to present this within the line item &quot;impairment of goodwill
and intangible assets.&quot; Refer to ASC 350-20-45-2.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and undertakes in
future filings to reclassify the amount to &ldquo;Impairment of goodwill and intangible assets&rdquo; in its Consolidated Statements of
Operations. In the future, the Company will also classify any such impairment charges within this line item. We respectfully submit that
the requested reclassification would not materially change a reader&rsquo;s understanding of the Company&rsquo;s results of operations
for the year ended December&nbsp;31, 2021 as the nature and amount of the impairment charge is adequately disclosed in Notes 1 and 10
of the Notes to the Consolidated Financial Statements, as well as on page&nbsp;24 of Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations &ndash; Executive Overview.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form&nbsp;8-K furnished on February&nbsp;23, 2022</U></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit&nbsp;99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3. We note in the table on page&nbsp;two that you disclose &quot;Segment
Income&quot; on a consolidated basis. Please revise to label this as a non-GAAP measure. Refer to Question 104.04 of the Non-GAAP Compliance
and Disclosure Interpretations.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and undertakes in
future submissions and filings, as applicable, to appropriately identify as a non-GAAP financial measure &ldquo;segment income&rdquo;
when presented on a consolidated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><B>4. We note you discuss fluctuations in adjusted segment income and
adjusted segment income margin, both non-GAAP measures. Please revise to include similar discussion of the related GAAP measures segment
income and segment income margin with equal or greater prominence. Refer to Item 10(e)(1)(i)(A)&nbsp;of Regulation S-K.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and undertakes in
future submissions and filings, as applicable, to include a discussion of fluctuations in segment income and segment income margin with
equal or greater prominence to the related discussion of fluctuations in adjusted segment income and adjusted segment income margin. To
illustrate the Company&rsquo;s intention with respect to such disclosure, we have provided below the relevant portions of Exhibit&nbsp;99.1
to the Form&nbsp;8-K, revised to include such discussion (with underlined and strikethrough text indicating additions and deletions, respectively):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>HVAC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Segment income was <U>$33.0 million,
or 15.6% of revenue</U>, in the fourth quarter of 2021 <STRIKE>was $33.0 million, compared</STRIKE>. <U>This compares to segment income</U>
of $37.8 million, <U>or 16.4% of revenue</U>, in the fourth quarter of 2020. <U>The decrease in segment income and 80 basis points decrease
in segment income margin were due primarily to lower revenues and the impact of supply chain constraints</U>. Adjusted segment income*,
which excludes intangible amortization expense and acquisition related costs of $1.5 million, was $34.5 million, or 16.3% of revenue<U>,
in the fourth quarter of 2021</U>. This compares with adjusted segment income* of $39.0 million, or 16.9% of revenue, in the fourth quarter
of 2020, which excludes intangible amortization expense and acquisition related costs of $1.2 million. The decrease in adjusted segment
income* and 60 basis points decrease in adjusted segment income margin* were due primarily to the lower revenues <STRIKE>noted above</STRIKE>
and <STRIKE>the impact of</STRIKE> supply chain constraints <U>noted above</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For the full year of 2021, segment income
was $104.2 million, <U>or 13.9% of revenue</U>, compared to $102.7 million, <U>or 13.9% of revenue</U> in 2020. Adjusted segment income*,
which excludes intangible amortization expense and acquisition related costs of $3.5 million, was $107.7 million, or 14.3% of revenue.
This compares with adjusted segment income* of $106.2 million, or 14.3% of revenue in 2020, which excludes intangible amortization expense
and acquisition related costs of $3.5 million. The increase in <U>segment income and adjusted segment income</U>, compared to 2020, was
due primarily to the increase in revenues noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Detection&nbsp;&amp; Measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Segment income <STRIKE>for the fourth
quarter of 2021</STRIKE> was $28.4 million, <STRIKE>compared </STRIKE>or <U>20.5% of revenue, in the fourth quarter of 2021. This compares</U>
to $20.7 million, <U>or 17.5% of revenue</U>, in the fourth quarter 2020. <U>The increase in segment income and the 300 basis point increase
in segment income margin were due primarily to a higher mix of project revenues</U>. Adjusted segment income*, which excludes intangible
amortization expense and acquisition related costs of $4.4 million, was $32.8 million, or 23.7% of revenue, <U>in the fourth quarter of
2021</U>. This compares with adjusted segment income* of $26.4 million, or 22.4% of revenue in the fourth quarter of 2020, which excludes
intangible amortization expense and acquisition related costs of $5.7 million. The increase in adjusted segment income* and 130 basis
points increase in adjusted segment income margin* were due primarily to <STRIKE>a </STRIKE><U>the</U> higher mix of project revenues
<U>mentioned above</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">For the full year of 2021, segment income
was $69.7 million, <U>or 14.9% of revenues</U>, compared to $69.1 million, <U>or 17.8% of revenues</U>, in 2020. <U>The increase in segment
income was due primarily to the increase in revenue noted above, partially offset by an increase in amortization expense of $7.1 million
and inventory step-up charges of $2.3 million associated with recent acquisitions. The 290 basis point decrease in segment income margin
was due primarily to the increase in amortization expense and the inventory step-up charges noted above</U>. Adjusted segment income*,
which excludes intangible amortization expense and acquisition related costs of $23.2 million, was $92.9 million, or 19.9% of revenue
<U>for the full year 2021</U>. This compares with adjusted segment income* of $80.9 million, or 20.9% of revenue in 2020, which excludes
intangible amortization expense and acquisition related costs of $11.8 million. The increase in <U>adjusted segment</U> income, compared
to 2020, was due primarily to the increase in revenues noted above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>5. In footnote (2)&nbsp;to the Non-GAAP Operating Income reconciliation
table, you describe three adjustments in fiscal year 2021 that total $7.5 million; however, the adjustment shown in the table is $13.0
million. Please tell us to what the additional $5.5 million relates to.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff&rsquo;s comment and acknowledges
that its presentation in footnote (2)&nbsp;could lead to confusion, as only the portion included in costs incurred in connection with
acquisitions that is attributable to inventory step-up charges was separately quantified in the footnote. For fiscal year 2021, costs
incurred in connection with acquisitions was $8.1 million, including inventory step-up charges of $2.6 million. Although the portion of
costs incurred in connection with acquisitions not attributable to inventory step-up charges (i.e., $5.5. million) could be derived from
the amounts presented in the table and those otherwise quantified in footnote (2), the Company undertakes, to the extent applicable in
future submissions and filings, to improve its disclosure to separately quantify all costs incurred in connection with acquisitions. To
illustrate the Company&rsquo;s intention with respect to such disclosure, we have provided below footnote (2)&nbsp;revised to include
a quantification of all costs incurred in connection with acquisitions (with underlined text indicating additions from the disclosure
included in Exhibit&nbsp;99.1 to the Form&nbsp;8-K and dollar amounts presented in millions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(2)&nbsp;For the three and twelve months ended December&nbsp;31,
2021, represents (i)&nbsp;cost incurred in connection with acquisitions <U>of $2.5 and $8.1, respectively</U>, including inventory step-up
charges of $0.3 and $2.6, respectively, (ii)&nbsp;costs associated with our Transformer Solutions and South Africa businesses that could
not be allocated to discontinued operations for U.S. GAAP purposes of $2.3 and $3.1, respectively, and (iii)&nbsp;a non-cash impairment
charge of $0.0 and $1.8, respectively. For the three and twelve months ended December&nbsp;31, 2020, represents (i)&nbsp;cost incurred
in connection with acquisitions <U>of $2.0 and $3.0, respectively</U>, including inventory step-up charges of $0.3 and $0.3, respectively,
and (ii)&nbsp;costs associated with our South Africa business that could not be allocated to discontinued operations for U.S. GAAP purposes
of $0.5 and $1.5, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>6. We note that you disclose several non-GAAP measures which exclude
various adjustments but provide no disclosure regarding how the measures are useful to an investor. Please revise to disclose how management
uses the measures and why you believe the measures provide useful information to investors regarding your performance. Refer to Item 10(e)(1)(i)(C)&nbsp;and
(D)&nbsp;of Regulation S-K.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Company Response</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company respectfully submits that such disclosure with respect
to each of the measures identified as non-GAAP financial measures in Exhibit&nbsp;99.1 to the Form&nbsp;8-K is appropriately included
in the text of Item 2.02 of the Form&nbsp;8-K. Consistent with the Company&rsquo;s undertaking included in response to Comment 3 above,
in the event that segment income is presented on a consolidated basis in future earnings announcements requiring reporting under Item
2.02 of Form&nbsp;8-K, disclosure responsive to Item 10(e)(1)(i)(C)&nbsp;and (D)&nbsp;of Regulation S-K with respect to that measure will
be similarly included in the respective Form&nbsp;8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please contact the undersigned if the Staff has any further questions
or comments concerning the Company&rsquo;s responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ James E. Harris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James E. Harris</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice President, Chief Financial Officer and Treasurer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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