SPX Technologies, Inc. completed the acquisition of Thermolec Ltd., a Montreal‑based manufacturer of custom electric duct heating solutions, for a total cash consideration of CA$195 million (about US$140 million). The transaction closed on January 20 2026 and adds Thermolec’s 200‑employee operation, which generated roughly US$35 million in revenue last year, to SPX’s HVAC portfolio.
Thermolec’s product line—electric duct heaters, plenum heaters, make‑up air units, electric boilers, and residential steam humidifiers—fills a niche that aligns closely with SPX’s existing Electric Heat business under Marley Engineered Products and ASPEQ. The company’s focus on high‑margin, custom solutions positions it to drive incremental profitability within SPX’s HVAC segment, where margin expansion has been a key priority.
The acquisition is part of SPX’s broader strategy to deploy cash flow into high‑margin growth businesses. By integrating Thermolec into its HVAC operations, SPX will leverage Thermolec’s established Canadian customer base to accelerate sales of Marley products in Canada, while using SPX’s U.S. distribution network to expand Thermolec’s presence in the United States. The deal is expected to broaden SPX’s electric‑heat capabilities and strengthen its footprint in Canada, creating cross‑sell opportunities that can lift overall HVAC revenue.
SPX’s Q3 2025 results, which posted adjusted earnings per share of $1.84 versus analyst expectations of $1.61 and revenue of $592.8 million versus $578.6 million, underscored the company’s ability to generate strong cash flow from its core businesses. The earnings beat was driven by robust demand in the HVAC and detection markets, offsetting modest headwinds in legacy segments. Management raised full‑year 2025 guidance for adjusted EBITDA and EPS, reflecting confidence in continued growth and margin maintenance. The company’s recent acquisitions—including Crawford United, KTS, Sigma, and Omega—have already contributed to the Q3 revenue lift, and the Thermolec deal is expected to add further upside once integrated.
Gene Lowe, SPX’s President and CEO, said the transaction “is a natural extension of our Electric Heat strategy. Thermolec’s 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.” Daniel Menassa, President of Thermolec, added that the partnership “provides access to additional resources, expertise, and channels that will help accelerate our growth in both Canada and the U.S.”
The acquisition comes as SPX prepares to release its fourth‑quarter and full‑year 2025 results on February 24 2026, when the company will provide guidance for 2026 and detail the financial impact of Thermolec. The deal aligns with SPX’s ongoing M&A momentum and reinforces its position as a diversified supplier of engineered products, with a workforce of 4,700 employees across 16 countries.
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