SPX Technologies to Acquire Crawford United in $300M Cash Transaction

SPX Technologies (SPXC) announced Monday that it will acquire Cleveland-based Crawford United, a diversified holding company specializing in engineered air-handling systems and industrial products. The acquisition strengthens SPX’s presence in key industrial and HVAC-adjacent markets.

Deal Structure and Valuation

Under the agreement, Crawford United will merge with a subsidiary of SPX.

Key Financial Terms

Cash consideration of ~$83.42 per share for Class A and Class B shareholders
Total transaction value: ~$300 million
All-cash deal, structured as a merger

Crawford United’s Business Profile

Crawford United operates a broad portfolio across engineered air handling and industrial products.

Recent Performance (TTM ending Sept. 30, 2025)

Commercial Air-Handling Equipment sales: $81.6M
Segment operating profit: $22.8M

The acquisition helps expand SPX’s scale and margins within these segments.

Strategic Rationale

Why SPX Is Buying Crawford United

Broadens SPX’s engineered air-handling product offerings
Enhances exposure to industrial end markets with strong demand trends
Supports SPX’s long-term growth strategy through targeted bolt-on acquisitions

The combination creates additional operational and commercial opportunities across SPX’s HVAC and industrial platforms.