SPX Technologies Acquires Thermolec for $140M to Bolster HVAC Segment
Event summary
- SPX Technologies completed the acquisition of Thermolec for CA$195M ($140M) on January 20, 2026.
- Thermolec, a Montréal-based manufacturer of electric duct heating solutions, generates $35M in annual revenue.
- Thermolec will integrate into SPX’s HVAC segment, expanding its Electric Heat business with Marley Engineered Products and ASPEQ.
- SPX plans to grow Thermolec’s U.S. sales while leveraging its Canadian customer base to boost MEP’s presence in Canada.
The big picture
SPX Technologies’ acquisition of Thermolec strengthens its position in the North American HVAC market, particularly in electric heating solutions. The deal aligns with SPX’s strategy to expand its product portfolio and geographic reach, addressing growing demand for energy-efficient heating systems in commercial and residential sectors. The $140M acquisition reflects SPX’s commitment to consolidating the HVAC segment through targeted buyouts.
What we're watching
- Integration Challenges
- How SPX will manage the operational and cultural integration of Thermolec into its existing HVAC segment.
- Market Expansion
- The pace at which SPX can grow Thermolec’s U.S. sales and MEP’s Canadian presence.
- Financial Impact
- Whether the acquisition will meet SPX’s expectations for revenue and cost synergies.
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