SPX Technologies Completes Acquisition of Crawford United

Core Viewpoint - SPX Technologies has completed the acquisition of Crawford United Corporation, enhancing its HVAC capabilities with custom air-handling solutions and expanding its product portfolio [1][2][3] Group 1: Acquisition Details - Crawford United's shareholders approved the merger, with an approximate cash consideration of $83.86 per share, leading to an aggregate transaction value of around $300 million [2] - Following the acquisition, Crawford United's common stock will cease trading on the OTC Pink Limited Market [2] Group 2: Strategic Implications - The acquisition will integrate Crawford United's Commercial Air-Handling Equipment segment, which includes Air Enterprises and Rahn Industries, into SPX's HVAC portfolio, enhancing its design capabilities and manufacturing footprint [3] - SPX aims to deliver differentiated solutions and drive long-term value for customers and shareholders through this acquisition, aligning with its strategy of acquiring high-engineering content businesses [3] Group 3: Non-Core Business Strategy - Crawford United's Industrial & Transportation Products segment is considered non-core to SPX's long-term strategy and will be recorded as assets held for sale, with results reported as discontinued operations [4] - SPX plans to ensure the continued operation of these non-core businesses during the transition period while seeking suitable buyers [4] Group 4: Future Guidance - SPX management intends to provide guidance for 2026, including the impact of the acquisition, on February 24, 2026, during the Q4 2025 results announcement [5]