SPX Technologies Acquires Crawford United for $300M, Eyes HVAC Expansion

Event summary

  • SPX Technologies completed its $300M acquisition of Crawford United on February 6, 2026.
  • Crawford United shareholders received $83.86 per share in cash consideration.
  • The deal adds Air Enterprises and Rahn Industries to SPX’s HVAC portfolio.
  • Non-core industrial and transportation businesses will be sold as discontinued operations.
  • SPX will provide 2026 guidance including Crawford United’s impact on February 24, 2026.

The big picture

SPX Technologies’ acquisition of Crawford United aligns with its strategy of acquiring high-engineering content businesses to expand its HVAC portfolio. The deal reflects a broader industry trend of consolidation in the HVAC sector, where companies are seeking to enhance their product offerings and manufacturing capabilities. The $300M transaction underscores SPX’s commitment to delivering differentiated solutions in a competitive market.

What we're watching

Integration Challenges
How SPX will integrate Crawford United’s air handling businesses into its existing HVAC portfolio without operational disruption.
Divestiture Timing
The pace at which SPX can sell the non-core industrial and transportation businesses and the potential impact on valuation.
Financial Impact
Whether the acquisition will meet SPX’s long-term value creation goals and how it will affect 2026 guidance.

Related topics

Acquisition Merger