SPX Technologies completed the acquisition of Thermolec Ltd. for CA$195 million (approximately US$140 million).

SPX Technologies, Inc. (NYSE:SPXC) (“SPX Technologies” or the “Company”) announced today that it has completed the acquisition of Thermolec Ltd. (“Thermolec”) for a total cash consideration of CA$ 195 million (approximately US$ 140 million).

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

Thermolec will become part of SPX’s HVAC segment and operate within its Electric Heat business with Marley Engineered Products (MEP) and ASPEQ. A substantial majority of Thermolec’s sales are generated in Canada. SPX Technologies plans to expand Thermolec’s U.S. sales while leveraging Thermolec’s strong Canadian customer relationships to expand MEP’s sales in Canada. Management expects to include the impact of Thermolec when SPX Technologies provides full-year 2026 guidance.

“We are excited to welcome the Thermolec team to the SPX Technologies family,” said Gene Lowe, President and CEO of SPX Technologies. “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 combining Thermolec’s exceptional service, quality, and strong Canadian presence with our established Electric Heat channels in the U.S., we are creating a more complete and capable platform for our customers.”

“We are delighted for Thermolec to be joining SPX Technologies’ Electric Heat business,” said Daniel Menassa, President of Thermolec. “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 marks a natural step in Thermolec’s journey and creates new opportunities for our employees, customers, and partners,” he added.

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