SPX Technologies Announces Acquisition of Thermolec
Rhea-AI Summary
SPX Technologies (NYSE:SPXC) completed the acquisition of Thermolec Ltd. on Jan. 20, 2026 for CA$195 million (≈US$140 million). Thermolec, a Montréal-based maker of custom electric duct heating founded in 1973, has nearly 200 employees and generates approximately US$35 million of annual revenue. Thermolec will join SPX's HVAC Electric Heat business alongside Marley Engineered Products and ASPEQ.
A substantial majority of Thermolec sales are in Canada; SPX plans to expand Thermolec’s U.S. sales while using Thermolec’s Canadian customer relationships to grow MEP sales in Canada. Management expects to include Thermolec’s impact when SPX provides full-year 2026 guidance.
Positive
- Adds a complementary Electric Heat franchise to SPX’s HVAC segment
- Acquired Thermolec with ~US$35M annual revenue and ~200 employees
- Strengthens Canadian footprint where Thermolec generates a substantial majority of sales
- Purchase priced at CA$195M (≈US$140M) to expand product lineup and channels
Negative
- Sales concentration: a substantial majority of Thermolec revenue is in Canada, posing geographic concentration risk
- Integration risk from folding Thermolec into SPX’s Electric Heat business with MEP and ASPEQ
Key Figures
Market Reality Check
Peers on Argus
SPXC up 1.89% while peers show mixed moves: AAON up 3.88%, FBIN up 0.6%, AWI and LPX down modestly, FBHS flat. No broad, aligned sector move indicated.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 16 | Earnings date notice | Neutral | +1.9% | Scheduled Q4 and full-year 2025 results and 2026 guidance call. |
| Jan 05 | Leadership change | Neutral | +1.1% | Appointment of new Vice President, General Counsel & Secretary. |
| Dec 08 | Acquisition announcement | Positive | -1.2% | Agreement to acquire Crawford United and add air-handling to HVAC. |
| Oct 30 | Earnings results | Positive | -0.6% | Q3 2025 beat with raised full‑year guidance and EBITDA/EPS growth. |
| Oct 06 | Earnings date notice | Neutral | -1.4% | Announcement of upcoming Q3 2025 results release and webcast. |
Recent acquisition and earnings headlines often saw muted or negative next-day moves, indicating that strategic or strong fundamental news has not always translated into immediate positive price reactions.
Over the last several months, SPX Technologies reported strong Q3 2025 results with higher revenue and raised full‑year guidance, yet shares fell modestly afterward. Prior acquisition announcements, including Crawford United in Dec 2025 and Sigma & Omega in Apr 2025, also saw mixed or negative reactions, while the Kranze Technology Solutions deal in Jan 2025 drew a positive move. More routine items like earnings date notices and management appointments produced small, mixed price changes. Today’s Thermolec acquisition fits the pattern of ongoing portfolio expansion within HVAC.
Regulatory & Risk Context
SPX Technologies has an effective S-3ASR shelf registration dated 2025-08-11, expiring 2028-08-11, covering multiple security types. The shelf has been used in at least 2 offerings (424B5 filings on 2025-08-11 and 2025-08-13), providing flexibility for future capital raises.
Market Pulse Summary
This announcement adds Thermolec, a Montréal-based custom electric heating manufacturer with about US$35 million in annual revenue and nearly 200 employees, to SPX Technologies’ HVAC segment. The deal extends the Electric Heat platform alongside Marley Engineered Products and ASPEQ and increases Canadian exposure with plans to grow U.S. sales. Historically, SPX has pursued serial acquisitions and later incorporated their impact into formal guidance, so upcoming 2026 outlook updates will be key for assessing combined scale and integration progress.
Key Terms
HVAC technical
OEMs technical
AI-generated analysis. Not financial advice.
Expands HVAC Segment with Highly Complementary Custom Electric Heating Solutions
CHARLOTTE, N.C., Jan. 20, 2026 (GLOBE NEWSWIRE) -- 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
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
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.
About Thermolec
Founded in 1973, Thermolec Ltd. is a leading Montréal-based manufacturer of electrical heating equipment, modulating controls, and steam humidifiers for the HVAC industry. Thermolec’s products include electric duct heaters, plenum heaters, make up air units, electric boilers, residential steam humidifiers, components, and electric vehicle energy management systems, serving OEMs, distributors, and contractors in commercial, residential, and light industrial markets across North America. For more information, please visit www.thermolec.com.
About SPX Technologies, Inc.
SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies has approximately 4,700 employees in 16 countries and is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
Forward Looking Statements: Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, including plans to expand Thermolec’s U.S. sales while leveraging Thermolec’s strong Canadian customer relationships to expand MEP’s sales in Canada, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words “plans,” “will,” “intends,” “believe,” “expected,” “anticipated,” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: risks that the acquisition disrupts current plans and operations of SPX Technologies or Thermolec; the risk that the disruption from the transaction may make it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with Thermolec’s vendors and others with whom Thermolec does business; and risks and uncertainties with respect to SPX Technologies’ ability to recognize the anticipated benefits of the transaction, including expanding Thermolec’s sales in the U.S. and MEP’s sales in Canada. SPX Technologies’ filings with the Securities and Exchange Commission, including its most recent Form 10‑K and Form 10‑Q, describe other risks and uncertainties.
Statements in this press release speak only as of the date of this press release, and SPX Technologies disclaims any responsibility to update or revise such statements, except as required by law.
Investor and Media Contacts:
Mark A. Carano, Vice President, Chief Financial Officer and Treasurer
980.474.3806
Email: spx.investor@spx.com
Source: SPX Technologies
FAQ
What did SPX Technologies (SPXC) acquire on January 20, 2026?
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What are Thermolec’s annual revenue and headcount included in the SPXC deal?
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