Cleveland, Ohio, December 11, 2025
SPX Technologies has announced its agreement to acquire Crawford United Corporation for approximately $300 million. This strategic acquisition aims to enhance SPX’s capabilities in the HVAC market by integrating Crawford United’s Commercial Air-Handling Equipment segment. The merger seeks to benefit shareholders with a significant cash consideration and is expected to close in the first quarter of 2026, positioning SPX for future growth.
SPX Technologies to Acquire Crawford United for $300 Million
This strategic acquisition enhances HVAC capabilities and expands market presence.
Cleveland, Ohio – SPX Technologies, Inc., based in Charlotte, North Carolina, has announced its agreement to acquire Crawford United Corporation for approximately $300 million. This merger, unveiled on December 8, 2025, will integrate Crawford United’s operations into a subsidiary of SPX, benefitting shareholders with an estimated cash consideration of $83.42 per share once debt and expenses are adjusted. This deal represents a significant step in consolidating SPX’s position in the HVAC market.
The acquisition aims to bolster SPX’s capabilities in heating, ventilation, and air conditioning (HVAC) by incorporating Crawford United’s Commercial Air-Handling Equipment segment, which encompasses Air Enterprises and Rahn Industries. This strategic move will allow SPX to enhance its portfolio of custom air-handling solutions and coil offerings. Over the last twelve months ending September 30, 2025, this segment reported sales of $81.6 million and an impressive operating profit of $22.8 million, showcasing its robust performance.
Integration of Crawford United’s Air Handling Solutions
Upon completion of the acquisition, expected in the first quarter of 2026, Crawford United’s Commercial Air Handling Equipment segment will be integrated into SPX’s HVAC segment. Meanwhile, the Industrial & Transportation Products segment, which caters to aerospace, defense, transportation, and marine markets, will be deemed non-core to SPX’s long-term strategy and will be sold separately. SPX emphasizes that operations will continue without disruption during this transition period.
CEO’s Vision for the Future
Brian Powers, CEO of Crawford United, has articulated the potential benefits of this merger, highlighting that it positions the company with an innovative and global partner in SPX. This collaboration promises to create synergy and leverage SPX’s extensive resources to further enhance the capabilities of Crawford United’s offerings.
Recent Strategic Acquisitions by Crawford United
This acquisition follows Crawford United’s expansion strategy over the past two years, which included the purchase of Rahn Industries in January 2025, strengthening its capabilities in manufacturing HVAC coils and related coatings. In addition, the acquisition of Heany Industries in January 2024 further solidified its presence in the aerospace and defense sectors. These strategic acquisitions reflect a commitment to growth and innovation in response to evolving market demands.
Impact on the Charlotte NC Business Landscape
As a leading provider of engineered solutions, including HVAC products, SPX Technologies continues to position itself as a key player in the industry. This acquisition not only signifies SPX’s confidence in the growth potential of the HVAC market but also reinforces the ongoing innovation that fuels the Mecklenburg County economy. The merger reflects broader trends of consolidation in various sectors, reducing competition while enhancing efficiencies and product offerings.
Conclusion: Embracing the Future of HVAC Innovation
The SPX Technologies acquisition of Crawford United Corporation underscores a defining moment for the HVAC industry. With both companies committed to innovation and resilience, this partnership is poised to deliver enhanced solutions that will benefit not just the shareholders, but also the broader market and regional economy. As entrepreneurs and businesses across North Carolina leverage such opportunities, it is essential for local communities to support these vital developments that drive job creation and economic prosperity.
Frequently Asked Questions (FAQ)
What is the value of the acquisition?
The acquisition is valued at approximately $300 million.
Which segments of Crawford United are being acquired?
SPX Technologies is acquiring Crawford United’s Commercial Air-Handling Equipment segment, which includes Air Enterprises and Rahn Industries.
What will happen to Crawford United’s other business segments?
The Industrial & Transportation Products segment, serving aerospace, defense, transportation, and marine markets, is considered non-core to SPX’s long-term strategy and will be sold separately.
When is the acquisition expected to close?
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Acquiring Company | SPX Technologies, Inc. |
| Target Company | Crawford United Corporation |
| Acquisition Value | Approximately $300 million |
| Acquired Segment | Commercial Air-Handling Equipment (Air Enterprises and Rahn Industries) |
| Non-Core Segment | Industrial & Transportation Products (to be sold separately) |
| Expected Closing | First quarter of 2026, subject to approvals |
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