SPX Technologies, Inc. (NYSE:SPXC) has agreed to acquire Cleveland‑based Crawford United for approximately $300 million in cash, valuing the target at $83.42 per share after adjustments for debt and transaction costs. The deal will close in the first quarter of 2026, subject to customary regulatory approvals and shareholder consent, and will include the divestiture of Crawford’s Industrial & Transportation Products segment to focus the combined company on high‑engineering content businesses.
The acquisition brings Crawford’s Commercial Air‑Handling Equipment segment—comprising Air Enterprises and Rahn Industries—into SPX’s HVAC platform. The segment generated $81.6 million in sales and $22.8 million in operating profit for the trailing twelve months ended September 30 2025, and its integration is expected to broaden SPX’s custom air‑handling capabilities in healthcare, universities, pharmaceuticals, and advanced manufacturing. Gene Lowe, SPX’s CEO, said the deal “strengthens our ability to deliver end‑to‑end solutions to customers in healthcare, universities, pharmaceutical, advanced manufacturing and commercial markets.”
SPX’s recent performance underscores the strategic fit. In Q3 2025 the company reported revenue of $592.8 million, up 22.6% year‑over‑year, and adjusted earnings per share of $1.84, beating consensus estimates by $0.23. The company raised its full‑year 2025 guidance, projecting adjusted EPS between $6.65 and $6.80, reflecting confidence in continued demand for its HVAC and Detection & Measurement segments. SPX’s market capitalization stands at roughly $10.4 billion, with a 12.6% revenue growth over the past twelve months.
Crawford United’s own financials provide context for the transaction. For the twelve months ended September 30 2025, the Commercial Air‑Handling Equipment segment posted $81.6 million in sales and $22.8 million in operating profit. In its full‑year 2024 results, Crawford reported $150.2 million in sales and $13.6 million in net income, and its market cap was about $270 million as of early November. The divestiture of the Industrial & Transportation Products segment will be completed in the first half of 2026, allowing SPX to concentrate resources on the high‑engineering HVAC business.
Integration plans outline a phased approach. The Commercial Air‑Handling Equipment segment will be merged into SPX’s HVAC platform over the next 12 months, with a focus on cross‑selling opportunities and cost synergies. SPX expects to leverage its existing manufacturing and distribution network to accelerate the deployment of Crawford’s products in key markets, while the divestiture of non‑core assets will free capital for further acquisitions and organic growth. Brian Powers, CEO of Crawford United, noted that the partnership will “significantly enhance the commercial air‑handling capabilities of SPX, creating a stronger end‑to‑end solution for customers.”
The transaction aligns with SPX’s buy‑and‑build strategy of acquiring high‑engineering content businesses. By adding Crawford’s proven air‑handling expertise, SPX expands its product portfolio, strengthens its position in high‑growth markets, and positions itself to capture demand for advanced, energy‑efficient HVAC solutions in data centers, healthcare facilities, and manufacturing plants. The deal is expected to reinforce SPX’s competitive advantage and support its long‑term growth trajectory.
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