SPX Technologies Completes Acquisition of Crawford United

Rhea-AI Summary

SPX Technologies (NYSE: SPXC) completed the acquisition of Crawford United for approximately $300 million, paying about $83.86 per share after adjustments.

Crawford United’s Commercial Air-Handling Equipment businesses (Air Enterprises and Rahn Industries) join SPX’s HVAC reportable segment, while Crawford’s Industrial & Transportation Products are recorded as assets held for sale and reported as discontinued operations as SPX seeks buyers. SPX will include Crawford United’s impact in its 2026 guidance when reporting Q4 2025 results on February 24, 2026.

Positive

• $300M acquisition expands SPX HVAC portfolio
• Adds Air Enterprises and Rahn Industries engineering capabilities
• Transaction aligns with SPX capital deployment strategy

Negative

• Crawford’s Industrial & Transportation segment recorded as assets held for sale
• Post-acquisition results for non-core businesses reported as discontinued operations

Key Figures

Crawford cash per share: $83.86 per share Crawford deal value: $300 million SPXC share price: $218.02 +5 more

8 metrics

Crawford cash per share $83.86 per share Cash consideration to Crawford United Class A & B holders, subject to adjustments

Crawford deal value $300 million Aggregate transaction value for SPX’s acquisition of Crawford United

SPXC share price $218.02 Pre-news price with 24h move of 2.47%

52-week range $115 – $233.71 SPXC trades 89.58% above low and 6.71% below high

Trading volume 474,037 shares Today vs 20-day average of 391,943 shares (1.21x)

Thermolec revenue US$35 million Approximate annual revenue of Thermolec acquisition

Sigma & Omega price $144 million Purchase price for Sigma & Omega acquisition

Acquisition spend since 2018 $2.1 billion Capital deployed across 16 acquisitions per S-3ASR shelf prospectus

Market Reality Check

Price: $222.32 Vol: Volume 474,037 is 1.21x t...

normal vol

$222.32 Last Close

Volume Volume 474,037 is 1.21x the 20-day average of 391,943, showing elevated interest ahead of/around the deal close. normal

Technical Shares at $218.02 are trading above the 200-day MA of $186.31 and about 6.7% below the $233.71 52-week high.

Peers on Argus

SPXC is up 2.47% while peers are mixed: AWI up 1.36%, FBHS flat, and AAON, FBIN,...

SPXC is up 2.47% while peers are mixed: AWI up 1.36%, FBHS flat, and AAON, FBIN, LPX down between 0.48% and 2.19%, indicating a stock-specific reaction to the Crawford United completion.

Previous Acquisition Reports

5 past events · Latest: Jan 20 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Thermolec acquisition	Positive	+0.1%	Completion of Thermolec deal expanding HVAC electric heat footprint and revenue base.
Dec 08	Crawford deal announced	Positive	-1.2%	Agreement to acquire Crawford United for about $300M, adding air-handling assets.
Apr 15	Sigma & Omega buy	Positive	-2.3%	Completed $144M purchase of Sigma & Omega to bolster hydronic HVAC offering.
Jan 27	KTS acquisition	Positive	+1.2%	Acquisition of KTS to enhance communication technologies within Detection & Measurement.
Feb 07	Ingénia acquisition	Positive	+0.8%	Acquisition of Ingénia, further extending SPX’s HVAC-related portfolio and reach.

Pattern Detected

Acquisition announcements for SPXC have typically led to small single-day moves, with a mix of modest gains and occasional declines.

Recent Company History

Over the past two years, SPX Technologies has repeatedly used acquisitions to expand its HVAC and related technology platforms. Deals for Thermolec, Crawford United, Sigma & Omega, Kranze Technology Solutions, and Ingénia all targeted complementary capabilities or geographies, often folded into the HVAC or Detection & Measurement segments. Price reactions to these acquisition headlines have been modest, with both positive and negative single‑day moves, suggesting the market generally views these as incremental steps rather than thesis‑changing events. The current Crawford United closing continues this acquisition-led strategy.

Historical Comparison

acquisition

-0.3 %

Average Historical Move

Historical Analysis

In the last five acquisition announcements, SPXC’s average 1-day move was about -0.28%. Today’s completion of Crawford United with a 2.47% gain sits above that typical response.

Typical Pattern

The acquisition record shows SPX steadily layering HVAC and technology assets, from Ingénia and Sigma & Omega to Thermolec and now Crawford United, reinforcing a multi-year, acquisition-led expansion strategy.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-08-11

SPX Technologies has an effective S-3ASR shelf registration dated 2025-08-11, with at least 2 takedowns via Form 424B5 in August 2025. The shelf covers multiple security types, providing flexibility for future capital raising, but specific remaining capacity is not disclosed in the provided data.

Market Pulse Summary

This announcement confirms closing of the Crawford United acquisition, adding commercial air‑handlin...

Analysis

This announcement confirms closing of the Crawford United acquisition, adding commercial air‑handling operations to SPX’s HVAC segment while classifying non‑core industrial and transportation units as assets held for sale and discontinued operations. It continues a multi‑year acquisition strategy that has deployed about $2.1 billion across 16 deals. Investors may focus on how 2026 guidance on February 24, 2026 incorporates Crawford’s contribution and progress on divesting the non-core portfolio.

Key Terms

hvac, merger agreement, assets held for sale, discontinued operations

4 terms

hvac technical

"The addition of Crawford United’s Commercial Air-Handling Equipment segment, comprised of Air Enterprises"

HVAC stands for heating, ventilation and air conditioning — the systems that control temperature, airflow and indoor air quality in buildings. Investors care because HVAC drives operating costs, energy use, tenant comfort and regulatory compliance; like the engine and insulation of a building, efficient modern systems can lower bills, reduce repair and replacement spending, and preserve property value, while outdated units can create unexpected expenses and vacancy risk.

merger agreement regulatory

"pursuant to the merger agreement governing the transaction, Crawford United was merged with a subsidiary"

A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.

assets held for sale financial

"These non-core businesses are being recorded by SPX as assets held for sale, with their"

Assets held for sale are things a company has decided to sell and has reclassified on its balance sheet to show they are being marketed rather than used in daily operations — like putting a house on the market instead of living in it. This matters to investors because these items are measured based on expected sale proceeds (which can reveal likely gains or losses), stop being treated as regular operating assets, and signal upcoming cash inflows or a change in strategy that can affect the company’s financial health and stock value.

discontinued operations financial

"results being reported as discontinued operations while the Company executes its plan to sell"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

AI-generated analysis. Not financial advice.

Expands SPX Technologies’ HVAC Capabilities with Highly Engineered Custom Air-Handling Solutions

CHARLOTTE, N.C., Feb. 06, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE: SPXC) (“SPX” or the “Company”) announced today that it has completed its acquisition of Crawford United Corporation (OTC: CRAWA) (“Crawford United”), a Cleveland-based holding company with a broad portfolio of highly engineered air handling and industrial products.

Crawford United’s shareholders voted in support of the transaction and, pursuant to the merger agreement governing the transaction, Crawford United was merged with a subsidiary of SPX, with holders of Class A and Class B common stock of Crawford United being entitled to receive, after adjustments for satisfaction of indebtedness and payment of expenses, cash consideration of approximately $83.86 per share, representing an aggregate transaction value of approximately $300 million. In connection with the acquisition, Crawford United’s shares of common stock will cease trading on the OTC Pink Limited Market before the open of market today.

The addition of Crawford United’s Commercial Air-Handling Equipment segment, comprised of Air Enterprises and Rahn Industries businesses, will expand SPX’s HVAC portfolio of custom air handling solutions and enhance its coil offering, bringing complementary technologies, design capabilities, and manufacturing footprint. Together, these capabilities will advance SPX’s strategy to deliver differentiated solutions, drive long-term value for customers and shareholders, and align well with its capital deployment strategy of acquiring high-engineering content businesses. The post-acquisition results of the Air Enterprises and Rahn Industries businesses will be reflected in SPX’s HVAC reportable segment.

Crawford United’s Industrial & Transportation Products segment, which includes an attractive portfolio of businesses serving aerospace, defense, transportation, and marine markets, is non-core to SPX’s long-term strategy. These non-core businesses are being recorded by SPX as assets held for sale, with their post-acquisition results being reported as discontinued operations while the Company executes its plan to sell these businesses, including identifying a suitable buyer(s). SPX intends for these non-core businesses to continue to operate without disruption to ensure a smooth transition for employees and customers throughout the process.

SPX management plans to provide 2026 guidance including the impact of Crawford United on February 24, 2026, when SPX Technologies reports Q4 2025 results.

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 has approximately 5,300 employees in 16 countries. SPX Technologies 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 the estimate of the cash consideration to be received by holders of Class A and Class B common stock of Crawford United, and any subsequent disposition of the businesses comprising Crawford United’s Industrial & Transportation Products segment, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words “will,” “intends,” “believe,” “expected,” “anticipated,” and similar expressions identify forward-looking statements. 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: uncertainties with respect to the extent of the adjustments to the merger consideration contemplated under the merger agreement which could result in the merger consideration per share being an amount other than $83.86; risks that the acquisition disrupts current plans and operations of SPX, including the businesses acquired in the transaction; 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 the acquired businesses’ vendors and others with whom they do business; risks and uncertainties with respect to SPX’s ability to recognize the anticipated benefits of the transaction; the outcome of legal proceedings with respect to the transaction; and risks and uncertainties with respect to the identification of suitable buyers for the businesses comprising Crawford United’s Industrial & Transportation Products segment and whether such dispositions may be completed on terms and conditions acceptable to SPX or at all. SPX’s and Crawford United’s filings with the SEC, including their respective most recent Form 10-K and Form 10-Q, describe other risks and uncertainties.

SPX Investor Contact:

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) pay per share to acquire Crawford United on February 6, 2026?

SPX paid approximately $83.86 per share in cash consideration to Crawford United shareholders. According to SPX, that price reflects adjustments for indebtedness and transaction expenses, resulting in an aggregate transaction value of about $300 million.

How will the Crawford United acquisition affect SPX Technologies’ HVAC segment (SPXC)?

The acquisition adds Crawford’s Commercial Air-Handling businesses to SPX’s HVAC reportable segment. According to SPX, Air Enterprises and Rahn Industries will expand custom air-handling and coil capabilities, enhancing product design, manufacturing footprint, and engineered solutions.

What happens to Crawford United’s Industrial & Transportation businesses after the SPXC acquisition?

Those businesses are classified as assets held for sale and reported as discontinued operations. According to SPX, the company will actively seek suitable buyers while keeping operations running to minimize disruption for employees and customers.

When will SPX Technologies (SPXC) report the acquisition’s impact in guidance?

SPX plans to provide 2026 guidance including Crawford United’s impact on February 24, 2026. According to SPX, the company will reflect the post-acquisition results in its Q4 2025 report released that day.

Will Crawford United common shares continue trading after the SPXC deal closed on February 6, 2026?

Crawford United common shares will cease trading on the OTC Pink Limited Market before the open on the announcement day. According to SPX, this cessation follows the merger and cash consideration paid to Crawford shareholders.