SPX Technologies acquires Ingénia for $300 million

© Reuters.

CHARLOTTE, N.C. – SPX Technologies (NYSE:SPXC), a leader in engineered products and technologies, has announced the acquisition of Canadian firm Ingénia Technologies for approximately CA$405 million (US$300 million), inclusive of acquired real estate. This strategic move, announced today, aims to bolster SPX’s position in the Engineered Air Movement (EAM) solutions sector within its HVAC segment.

Ingénia, based in Mirabel, Quebec, is renowned for its custom air handling units, which are critical in sectors requiring high precision and reliability, such as healthcare and pharmaceuticals. The acquisition is expected to augment SPX’s annual revenue, with Ingénia’s annualized revenue projected at around US$100 million for 2024. Moreover, Ingénia’s profit margins and anticipated revenue growth rate surpass the average of SPX’s HVAC segment.

Gene Lowe, President and CEO of SPX Technologies, expressed enthusiasm about the integration of Ingénia into the SPX family, highlighting Ingénia’s respected brand and niche-engineered products as a strong addition to SPX’s EAM business. He anticipates leveraging Ingénia’s advanced air handling solutions alongside SPX’s robust distribution channels to scale their market position.

Ingénia’s President, Giuseppe Racanelli, also conveyed excitement about joining SPX, reflecting on Ingénia’s history of innovation in engineering and manufacturing. The merger is expected to foster a stronger business, driving innovation and creating more opportunities for customers and employees.

This acquisition marks SPX’s 14th since 2018, underscoring its strategy to build market-leading platforms. The transaction was facilitated with legal counsel from Blake, Cassels & Graydon LLP for SPX Technologies, while McCarthy Tétrault served Ingénia.

SPX Technologies, headquartered in Charlotte, North Carolina, employs over 4,000 staff across 15 countries and is a prominent player in the HVAC and detection and measurement markets, trading on the New York Stock Exchange under the ticker symbol SPXC.

Ingénia, founded in 2004, is recognized for its high-quality air handling units and leadership in production automation technology, setting the standard for quality in North American markets.

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