SPX Technologies buys Canadian company for $300 million

For $300 million, Charlotte-based SPX Technologies expanded its air handling systems business by acquiring a Canadian company. Based in Quebec, Ingenia Technologies is projected by SPX Technologies to generate over $100 million in revenue in 2024. The company's estimated revenue growth rate and margins exceed the norm for the HVAC industry. The company specializes in supplying air systems to end users in the food processing, education, healthcare, and pharmaceutical industries. 2004 saw the founding of Ingenia. The CEO of SPX Technologies, Gene Lowe, stated in a statement, "We see multiple opportunities to further scale our position in this attractive market through the combination of Ingenia's high performance air handling solutions and SPX's strong distribution channels and business system." "Unmatched speed to market and significant value for customers are made possible by Ingenia's investments in robotics and automation, along with its proprietary software." This is SPX Technologies' fourteenth transaction since 2018. Over 3,300 people work for SPX Technologies across 15 countries. With an annual revenue of $1.5 billion, the company specializes in boilers for homes and businesses, comfort heating systems, engineered air movement, and cooling towers. Thursday morning trade saw the stock up 44 cents to $106.20. Over the previous year, shares have fluctuated between $61 and $106. About $4.9 billion is the market capitalization.

Source: SPX Technologies