SPX Technologies Announces Acquisition of Thermolec

Expands HVAC Segment with Highly Complementary Custom Electric Heating Solutions

CHARLOTTE, N.C., Jan. 20, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX Technologies” or the “Company”) announced today that it has completed the acquisition of Thermolec Ltd. (“Thermolec”) for a total cash consideration of CA$ 195 million (approximately US$ 140 million).

Founded in 1973, Thermolec is a Montréal-based manufacturer of custom electric duct heating and related solutions, offering a differentiated set of products across commercial, multi-family residential, and light industrial applications. With nearly 200 employees, Thermolec generates annual revenues of approximately US$ 35 million.

Thermolec will become part of SPX’s HVAC segment and operate within its Electric Heat business with Marley Engineered Products (MEP) and ASPEQ. A substantial majority of Thermolec’s sales are generated in Canada. SPX Technologies plans to expand Thermolec’s U.S. sales while leveraging Thermolec’s strong Canadian customer relationships to expand MEP’s sales in Canada. Management expects to include the impact of Thermolec when SPX Technologies provides full-year 2026 guidance.

“We are excited to welcome the Thermolec team to the SPX Technologies family,” said Gene Lowe, President and CEO of SPX Technologies. “Thermolec is a natural extension of our Electric Heat strategy. Its custom electric heating solutions are highly complementary to our existing portfolio and strengthen the value we deliver to OEMs, distributors, and contractors across North America. By combining Thermolec’s exceptional service, quality, and strong Canadian presence with our established Electric Heat channels in the U.S., we are creating a more complete and capable platform for our customers.”

“We are delighted for Thermolec to be joining SPX Technologies’ Electric Heat business,” said Daniel Menassa, President of Thermolec. “Partnering with SPX provides access to additional resources, expertise, and channels that will help accelerate our growth in both Canada and the U.S. This marks a natural step in Thermolec’s journey and creates new opportunities for our employees, customers, and partners,” he added.

About Thermolec
Founded in 1973, Thermolec Ltd. is a leading Montréal-based manufacturer of electrical heating equipment, modulating controls, and steam humidifiers for the HVAC industry. Thermolec’s products include electric duct heaters, plenum heaters, make up air units, electric boilers, residential steam humidifiers, components, and electric vehicle energy management systems, serving OEMs, distributors, and contractors in commercial, residential, and light industrial markets across North America. For more information, please visit www.thermolec.com.

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 Technologies has approximately 4,700 employees in 16 countries and 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 plans to expand Thermolec’s U.S. sales while leveraging Thermolec’s strong Canadian customer relationships to expand MEP’s sales in Canada, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words “plans,” “will,” “intends,” “believe,” “expected,” “anticipated,” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. 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: risks that the acquisition disrupts current plans and operations of SPX Technologies or Thermolec; 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 Thermolec’s vendors and others with whom Thermolec does business; and risks and uncertainties with respect to SPX Technologies’ ability to recognize the anticipated benefits of the transaction, including expanding Thermolec’s sales in the U.S. and MEP’s sales in Canada. SPX Technologies’ filings with the Securities and Exchange Commission, including its most recent Form 10‑K and Form 10‑Q, describe other risks and uncertainties.

Statements in this press release speak only as of the date of this press release, and SPX Technologies disclaims any responsibility to update or revise such statements, except as required by law.

Investor and Media Contacts:
Mark A. Carano, Vice President, Chief Financial Officer and Treasurer
980.474.3806
Email: [email protected]

Source: SPX Technologies