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SPX Technologies Announces Acquisition of Thermolec

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CHARLOTTE, N.C., Jan. 20, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX Technolo...

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AI Summary

SPX Technologies has acquired Thermolec for CA$195 million to expand its HVAC offerings. This acquisition aims to boost revenues by leveraging Thermolec’s existing operations and sales channels in Canada and the U.S., which could enhance SPX’s overall growth prospects significantly.

Sentiment Rationale

Historically, strategic acquisitions have led to increased market valuations in similar industries. If Thermolec achieves anticipated growth, SPXC's shares could appreciate significantly.

Trading Thesis

SPXC is likely to outperform as the acquisition enhances growth prospects and market position.

Market-Moving

  • Acquisition of Thermolec drives significant growth potential in the HVAC space.
  • Expansion plans into the U.S. can substantially increase Thermolec's revenue contribution.
  • Increasing market share in Canada may lead to improved profitability metrics for SPXC.
  • Forward-looking sales guidance for 2026 will provide critical insight for investors.

Key Facts

  • SPX Technologies acquires Thermolec for CA$195 million, enhancing HVAC segment.
  • Thermolec generates US$35 million annually, specializing in custom electric heating solutions.
  • Acquisition aims to boost Thermolec's U.S. sales and strengthen Canadian market position.
  • Management plans to include Thermolec's impact in full-year 2026 guidance.
  • Deal enables SPX to enhance OEM, distributor, and contractor services across North America.

Companies Mentioned

  • Thermolec Ltd. (THERM): Acquisition bolsters SPX's HVAC segment and revenue stream.
  • Marley Engineered Products (MEP): Expected to benefit from Thermolec's sales growth in Canada.

Corporate Developments

This acquisition falls under 'Corporate Developments' as it directly impacts SPX's business strategy. The merger is expected to create synergies and enhance revenue growth, making it a pivotal move for SPX in a competitive market.

SPX Technologies Completes Acquisition of Thermolec to Enhance HVAC Segment

Charlotte, N.C., January 20, 2026 – SPX Technologies, Inc. (NYSE: SPXC) has successfully acquired Thermolec Ltd. for a cash consideration of CA$ 195 million (approximately US$ 140 million). This strategic acquisition aims to expand SPX Technologies' Electric Heat business, further solidifying its position in the HVAC market.

Details of the Acquisition

Founded in 1973, Thermolec is a leading manufacturer based in Montréal, specializing in custom electric duct heating solutions and related products for commercial, multi-family residential, and light industrial applications. With around 200 employees, Thermolec generates annual revenues of approximately US$ 35 million.

Thermolec will integrate into SPX Technologies' HVAC segment alongside Marley Engineered Products (MEP) and ASPEQ. The company’s strong Canadian customer base is expected to play a crucial role as SPX plans to increase Thermolec's sales in the U.S. while leveraging these relationships to enhance MEP's presence in Canada.

Strategic Implications of the Acquisition

SPX Technologies' management anticipates that the performance impact from Thermolec will be included in the company’s full-year 2026 guidance. Gene Lowe, President and CEO of SPX Technologies, expressed enthusiasm about the acquisition, stating:

“Thermolec is a natural extension of our Electric Heat strategy. Its custom electric heating solutions are highly complementary to our existing portfolio and strengthen the value we deliver to OEMs, distributors, and contractors across North America.”

By merging Thermolec’s strong service and Canadian presence with established Electric Heat channels, SPX Technologies aims to create a more robust and comprehensive platform for its customers.

Leadership Perspectives

Daniel Menassa, President of Thermolec, shared his views on the acquisition, emphasizing the advantages of merging with SPX Technologies. He stated:

“Partnering with SPX provides access to additional resources, expertise, and channels that will help accelerate our growth in both Canada and the U.S.”

This partnership is seen as a pivotal move in Thermolec's journey, offering new opportunities for employees, customers, and partners alike.

About SPX Technologies

SPX Technologies is a leader in providing highly engineered products across various sectors, including HVAC and detection and measurement markets. With approximately 4,700 employees spread across 16 countries, SPX is listed on the New York Stock Exchange under the ticker symbol SPXC. The company's strategic focus continues to align with delivering exceptional products and services globally.

Looking Ahead

As SPX Technologies integrates Thermolec into its operational framework, stakeholders can expect to see significant developments in product offerings and market capabilities. However, as noted in their forward-looking statements, there are inherent risks involved in the acquisition process that may impact operational plans.

For further information about SPX Technologies and its latest acquisition, please visit www.spx.com.

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