SPXC - SPX Technologies Announces Acquisition of Ingénia | Benzinga
Further Expands Strategic Positioning in Engineered Air Movement
Accretive to HVAC Segment Growth and Margin
CHARLOTTE, N.C., Feb. 07, 2024 (GLOBE NEWSWIRE) -- SPX Technologies (NYSE:SPXC) announced today that it has acquired privately held Ingénia Technologies ("Ingénia") for approximately CA$405 million (approximately US$300 million) in cash, including acquired real estate.
Headquartered in Mirabel, Quebec, Canada, Ingénia specializes in the design and manufacture of custom air handling units and has a strong reputation for superior performance and quality. Ingénia's products are favored for applications that demand high levels of precision and reliability in healthcare, pharmaceutical, education, food processing and industrial end markets.
Ingénia is now part of SPX Technologies' Cooling platform, within its HVAC segment, and further expands the Company's position in Engineered Air Movement ("EAM") solutions. Ingénia is anticipated to have annualized revenue of approximately US$100 million for the full-year 2024, and its margins and anticipated revenue growth rate are higher than the HVAC segment average.
Gene Lowe, President and CEO of SPX Technologies commented, "We are very excited to welcome Ingénia to the SPX Technologies team. Ingénia's well-respected brand and attractive niche-engineered products are a strong fit within our EAM business. 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. Ingénia's investments in robotics and automation and its proprietary software enable unmatched speed to market and significant value for customers. This is SPX's 14th ...