SPX Technologies Acquires Thermolec for $141 Million
MT Newswires Live
Jan 20
SPX Technologies (SPXC) said Tuesday it has completed the acquisition of Thermolec for 195 million Canadian dollars ($141 million) in cash.
Thermolec, a Montreal-based producer of custom electric duct heating technologies, will be integrated into SPX's HVAC segment and will operate within its electric heat operations with Marley Engineered Products and ASPEQ, according to SPX.
The company said it intends to expand Thermolec's US sales and use Thermolec's Canadian customer relationships to boost Marley Engineered Products' sales in Canada.
Shares of SPX were down 2% in recent Tuesday premarket activity.
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