Charlotte-based SPX Technologies acquired a Canadian company for $300 million, expanding its air handling systems business.
Ingénia Technologies is based in Quebec and is expected to have revenue of approximately $100 million in 2024, and its margins and anticipated revenue growth rate are higher than the HVAC segment average, according to SPX Technologies.
The company specializes in providing air systems for healthcare, pharmaceutical, education, food processing and industrial end markets. Ingénia was founded in 2004.
“We see multiple opportunities to further scale our position in this attractive market through the combination of Ingénia’s high performance air handling solutions and SPX’s strong distribution channels and business system,” said Gene Lowe, the CEO of SPX Technologies, in a statement. “Ingénia’s investments in robotics and automation and its proprietary software enable unmatched speed to market and significant value for customers.”
The deal is the 14th made by SPX Technologies since 2018.
SPX Technologies has more than 3,300 employees in 15 countries. The company has $1.5 billion in revenue and specializes in cooling towers, engineered air movement, residential and commercial boilers, and comfort heating products.
Its stock was trading at $106.20, up 44 cents, in Thursday morning trading. Shares have traded between $61 and $106 in the past year. The market cap is about $4.9 billion.