SPX Technologies Strengthens HVAC Portfolio with Thermolec Acquisition
- brg_news_room
- 23 hours ago
- 1 min read
USA: SPX Technologies has completed the acquisition of Canada-based Thermolec Ltd. for approximately US$140 million, marking a strategic expansion of its HVAC segment. Founded in 1973, Thermolec is a Montréal-headquartered manufacturer of custom electric duct heating and related solutions, serving commercial, multi-family residential and light industrial markets across North America. The company employs nearly 200 people and generates annual revenues of around US$35 million, with most sales coming from Canada.
Thermolec will be integrated into SPX’s Electric Heat business alongside Marley Engineered Products and ASPEQ. SPX plans to scale Thermolec’s presence in the U.S. while leveraging its strong Canadian customer base to grow MEP’s sales in Canada. Management expects the acquisition to contribute to full-year 2026 guidance, reinforcing SPX’s Electric Heat strategy and value proposition across the region.
Source: SPX Technologies
