Charlotte-based technologies supplier buys Canadian HVAC company
SPX Technologies purchased a Montreal-based HVAC manufacturer for CA $605 million, equivalent to about US$ 430 million.
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Neptronic will become a part of the Charlotte-based company’s HVAC segment, according to a Thursday, July 23, statement from SPX Technologies.
The Canadian company designs and produces products including HVAC controls, humidifiers and heaters. Neptronic has about 300 employees and an annual estimated revenue of US$ 75 million, according to the statement.
“SPX’s scale, operational resources and strong channel relationships in the HVAC market will help accelerate our growth while preserving the engineering expertise, innovation and customer focus that have defined our business for nearly 50 years,” said Biagio Di Lorenzo, Neptronic CFO and president, in the statement.
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SPX Technologies supplies infrastructure equipment in the HVAC and detection and measurement fields. More information about the impact of the acquisition will be released on July 30 in SPX Technologies’ quarterly report.
This year, the company also bought Thermolec, an electric duct heating manufacturer, and Crawford United, an industrial holding company.
Among other acquisitions, SPX Technologies announced an agreement to buy ASPEQ Heating Group for $418 million in 2023.
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SPX Technologies employs over 5,300 people across 16 countries.
