SPX Technologies Completes Acquisition of Crawford United
CHARLOTTE, N.C., Feb. 06, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) ("SPX" or the "Company") announced today that it has completed its acquisition of Crawford United Corporation (OTC:CRAWA) ("Crawford United"), a Cleveland-based holding company with a broad portfolio of highly engineered air handling and industrial products.
Crawford United's shareholders voted in support of the transaction and, pursuant to the merger agreement governing the transaction, Crawford United was merged with a subsidiary of SPX, with holders of Class A and Class B common stock of Crawford United being entitled to receive, after adjustments for satisfaction of indebtedness and payment of expenses, cash consideration of approximately $83.86 per share, representing an aggregate transaction value of approximately $300 million. In connection with the acquisition, Crawford United's shares of common stock will cease trading on the OTC Pink Limited Market before the open of market today.
The addition of Crawford United's Commercial Air-Handling Equipment segment, comprised of Air Enterprises and Rahn Industries businesses, will expand SPX's HVAC portfolio of custom air handling solutions and enhance its coil offering, bringing complementary technologies, design capabilities, and manufacturing footprint. Together, these capabilities will advance SPX's strategy to deliver differentiated solutions, drive long-term value for customers and shareholders, and align well with its capital deployment strategy of acquiring high-engineering content businesses. The post-acquisition results of the Air Enterprises and Rahn Industries businesses will be reflected in SPX's HVAC reportable segment.
Crawford United's Industrial & Transportation Products segment, which includes an attractive portfolio of businesses serving aerospace, defense, transportation, and marine markets, is non-core to SPX's long-term strategy. These non-core businesses are being recorded by SPX as assets held for sale, with their post-acquisition results being reported as discontinued operations while the Company executes its plan to sell these businesses, including identifying a suitable buyer(s). SPX intends for these non-core businesses to continue to operate without disruption to ensure a smooth transition for employees and customers throughout the process.
SPX management plans to provide 2026 guidance including the impact of Crawford United on February 24, 2026, when SPX Technologies reports Q4 2025 results.
About SPX Technologies, Inc: SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX has approximately 5,300 employees in 16 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol "SPXC." For more information, please visit www.spx.com.
Forward-Looking Statements: Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, including the estimate of the cash consideration to be received by holders of Class A and Class B common stock of Crawford United, and any subsequent disposition of the businesses comprising Crawford United's Industrial & Transportation Products segment, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words "will," "intends," "believe," "expected," "anticipated," and similar expressions identify forward-looking statements. These forward-looking statements involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties with respect to the extent of the adjustments to the merger consideration contemplated under the merger agreement which could result in the merger consideration per share being an amount other than $83.86; risks that the acquisition disrupts current plans and operations of SPX, including the businesses acquired in the transaction; the risk that the disruption from the transaction may make it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with the acquired businesses' vendors and others with whom they do business; risks and uncertainties with respect to SPX's ability to recognize the anticipated benefits of the transaction; the outcome of legal proceedings with respect to the transaction; and risks and uncertainties with respect to the identification of suitable buyers for the businesses comprising Crawford United's Industrial & Transportation Products segment and whether such dispositions may be completed on terms and conditions acceptable to SPX or at all. SPX's and Crawford United's filings with the SEC, including their respective most recent Form 10-K and Form 10-Q, describe other risks and uncertainties.
SPX Investor Contact:
Mark A. Carano, Vice President, Chief Financial Officer and Treasurer
980.474.3806
Email: [email protected]
Source: SPX Technologies
