Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

SPX Technologies acquires Ingénia for $300 million

Published 08/02/2024, 00:08
Updated 08/02/2024, 00:08
© Reuters.

CHARLOTTE, N.C. - SPX Technologies (NYSE:SPXC), a leader in engineered products and technologies, has announced the acquisition of Canadian firm Ingénia Technologies for approximately CA$405 million (US$300 million), inclusive of acquired real estate. This strategic move, announced today, aims to bolster SPX's position in the Engineered Air Movement (EAM) solutions sector within its HVAC segment.

Ingénia, based in Mirabel, Quebec, is renowned for its custom air handling units, which are critical in sectors requiring high precision and reliability, such as healthcare and pharmaceuticals. The acquisition is expected to augment SPX's annual revenue, with Ingénia's annualized revenue projected at around US$100 million for 2024. Moreover, Ingénia's profit margins and anticipated revenue growth rate surpass the average of SPX's HVAC segment.

Gene Lowe, President and CEO of SPX Technologies, expressed enthusiasm about the integration of Ingénia into the SPX family, highlighting Ingénia's respected brand and niche-engineered products as a strong addition to SPX's EAM business. He anticipates leveraging Ingénia's advanced air handling solutions alongside SPX's robust distribution channels to scale their market position.

Ingénia's President, Giuseppe Racanelli, also conveyed excitement about joining SPX, reflecting on Ingénia's history of innovation in engineering and manufacturing. The merger is expected to foster a stronger business, driving innovation and creating more opportunities for customers and employees.

This acquisition marks SPX's 14th since 2018, underscoring its strategy to build market-leading platforms. The transaction was facilitated with legal counsel from Blake, Cassels & Graydon LLP for SPX Technologies, while McCarthy Tétrault served Ingénia.

SPX Technologies, headquartered in Charlotte, North Carolina, employs over 4,000 staff across 15 countries and is a prominent player in the HVAC and detection and measurement markets, trading on the New York Stock Exchange under the ticker symbol SPXC.

Ingénia, founded in 2004, is recognized for its high-quality air handling units and leadership in production automation technology, setting the standard for quality in North American markets.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.