1. SPX Technologies agrees to acquire Crawford United for $300 million. 2. The deal enhances SPX's HVAC portfolio with advanced air-handling solutions. 3. Crawford's equipment segment reported $81.6 million in sales and $22.8 million profit. 4. Transaction expected to close in Q1 2026, pending regulatory approvals. 5. Crawford's non-core businesses will be sold during SPX's restructuring.
FAQ
Why Bullish?
SPX's acquisition likely enhances competitive positioning in HVAC, supported by historical growth through acquisitions.
How important is it?
Acquisitions of this scale typically increase market confidence and drive long-term growth potential.
Why Long Term?
The acquisition's benefits will consolidate SPX’s market presence, with long-term customer relationships and technological gains.
SPX Technologies to Acquire Crawford United in $300 Million Deal
CHARLOTTE, N.C. and CLEVELAND, December 08, 2025 (GLOBE NEWSWIRE) - SPX Technologies, Inc. (NYSE:SPXC) has officially announced its plans to acquire Crawford United Corporation (OTC: CRAWA), a Cleveland-based holding company known for its specialized air handling and industrial products. This strategic acquisition aims to enhance SPX's HVAC capabilities with a strong focus on custom air-handling solutions, further establishing its leadership in the industry.
Transaction Overview and Value
The definitive agreement between SPX and Crawford United indicates that shareholders of Crawford United will receive estimated cash consideration of approximately $83.42 per share, culminating in an aggregate transaction value of $300 million. This amount reflects adjustments for the satisfaction of any indebtedness and pertinent expenses associated with the merger.
Expansion of HVAC Capabilities
The acquisition will incorporate Crawford United’s Commercial Air-Handling Equipment segment, which includes the businesses of Air Enterprises and Rahn Industries. This addition will significantly broaden SPX’s offerings in custom air handling solutions and enhance its coil manufacturing capabilities.
- Sales: The Commercial Air-Handling Equipment segment reported $81.6 million in sales during the trailing twelve-month period as of September 30, 2025.
- Operating Profit: During the same period, the segment recorded an operating profit of $22.8 million.
These expanded capabilities align with SPX's ongoing strategy to deliver differentiated solutions and drive long-term value for its customers and shareholders.
Leadership Insights
Gene Lowe, President & CEO of SPX Technologies, expressed enthusiasm about the acquisition, stating, “We are excited to welcome the Crawford United team. Their commercial air-handling business is an excellent fit for our HVAC platform, strengthening our ability to deliver end-to-end solutions to customers across various sectors including healthcare and advanced manufacturing.”
Brian Powers, CEO of Crawford United, also shared his optimism: “Joining SPX provides our employees, customers, and suppliers with a dynamic global partner. We believe our Commercial Air-Handling Equipment segment will benefit significantly from SPX’s capabilities.”
Details on Non-Core Businesses
Following the merger, Crawford United’s Industrial & Transportation Products segment—serving markets such as aerospace and defense—will be treated as non-core by SPX and recorded as assets held for sale. SPX plans to ensure these businesses continue operations without interruptions during the transition process.
Looking Ahead
The acquisition is projected to finalize in the first quarter of 2026, pending customary closing conditions and necessary regulatory approvals. The boards of directors from both SPX and Crawford United have unanimously endorsed this transaction.
Support agreements from Crawford United shareholders, representing over two-thirds of the voting power, reinforce the anticipated approval for the merger. Additionally, the merger agreement permits Crawford United to entertain other acquisition proposals if deemed superior, although SPX retains matching rights under certain conditions.
Additional Information
As the transaction progresses, Crawford United will file a proxy statement with the SEC. Shareholders are urged to review this document for essential details regarding the merger. More information will be accessible via the SEC’s website at www.sec.gov.
About SPX Technologies
SPX Technologies is a recognized leader in the HVAC industry and holds significant positions in the detection and measurement markets. Based in Charlotte, North Carolina, the company employs approximately 4,300 individuals across 16 countries. SPX is publicly traded under the ticker symbol SPXC.
About Crawford United Corporation
Crawford United Corporation, headquartered in Cleveland, focuses on manufacturing and industrial components, spanning various critical sectors including precision and commercial air-handling equipment.