SPX Technologies

Name

SPX Technologies

Legal name

SPX Technologies, Inc.

Website

http://www.spx.com

Company type

Public

Founded year

1912

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SPX Technologies is a Charlotte-based public industrial company (NYSE: SPXC) supplying engineered HVAC infrastructure and Detection & Measurement equipment to commercial, industrial, data center, utility, transit, and defense customers across 16 countries, with FY2025 revenue of approximately $2.3 billion.

Ownership category

akta.pro rank

Product category

Industrial HVAC Equipment

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables (334513), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Heating Equipment, Except Electric & Warm Air Furnaces (3433), Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

HVAC Equipment (Heating, Cooling & Air Handling) (IMAHAKAB)

akta.pro secondary industries

Air Quality & Filtration Equipment (IAQ) (IMAHAKAI), Heat Exchangers, Coils & Hydronic HVAC Components (IMADANAF), HVAC Controls & Optimization (Smart Thermostats, VAV, Chillers/Boilers Controls) (BPABAGAB)

Keywords

• Industrial HVAC equipment
• Cooling towers
• Detection and measurement
• Engineered air movement
• Hydronic heating systems

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. HVAC Products: SPX Technologies generates the majority of revenue through the sale of highly engineered HVAC products including cooling towers, fluid coolers, air handlers, commercial and industrial boilers, electric heaters, and hydronic heating/cooling systems. Revenue is primarily generated through direct B2B sales to commercial, industrial, healthcare, data center, and residential customers.
2. Detection & Measurement Products: Revenue from specialized underground location and inspection equipment, fare collection systems, aids to navigation, and communication technologies products sold to utilities, telecom providers, municipalities, transit authorities, and government agencies.
3. Aftermarket Services: Services and aftermarket parts for cooling towers, HVAC equipment, and Detection & Measurement products provide recurring revenue stream through replacement parts and technical services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

SPX Technologies manufactures and sells highly engineered infrastructure equipment across two segments. The HVAC segment includes cooling towers, fluid coolers, evaporative condensers, air handlers, boilers, electric heaters, and hydronic heating systems under brands such as Marley, Weil-McLain, Patterson-Kelley, Cincinnati Fan, ASPEQ, and Sigma/Omega. The Detection & Measurement segment provides underground locators, inspection equipment, fare collection systems, aids to navigation, RF communication technologies, and counter-UAS systems under brands including Radiodetection, Genfare, TCI, ECS, and KTS.

Product overview

SPX Technologies is a diversified industrial equipment company offering two primary segments: HVAC (heating, ventilation, and air conditioning) and Detection & Measurement. The HVAC segment provides a comprehensive portfolio including cooling solutions (cooling towers, fluid coolers, adiabatic systems under the Marley, Recold, SGS brands), air movement products (industrial fans, blowers, custom air handlers under Cincinnati Fan, Daniels Fans, Strobic Air, Ingénia), electric heating solutions (ASPEQ Heating Group, Marley Engineered Products, Thermolec), and hydronics (Weil-McLain boilers, Patterson-Kelley, Sigma, Omega heat pumps, Williamson-Thermoflo). The Detection & Measurement segment offers underground location and inspection equipment (Radiodetection, CUES, ULC Technologies), aids to navigation (SPX AtoN with Flash, ITL, Avlite, Sabik, Sealite brands), communication technologies (TCI, ECS, KTS), and transportation fare collection systems (Genfare). The company operates in over 16 countries with approximately 5,300 employees and serves commercial, industrial, healthcare, data center, and residential end markets.

Differentiator

Problem solved

Functional benefit

Brands

• Marley: Cooling towers, fluid coolers, evaporative condensers and air cooled heat exchangers
• Weil-McLain
• Radiodetection
• Genfare
• TCI
• Cincinnati Fan
• Ingénia Technologies
• Patterson-Kelley
• ASPEQ Heating Group
• Williamson-Thermoflo
• Sigma
• Omega Heat Pumps
• Marley Engineered Products
• Recold
• SGS Refrigeration
• Strobic Air
• Daniels Fans
• Tamco
• CUES
• ULC Technologies
• ECS
• KTS

Products and services

• Marley OlympusMAX Fluid Cooler A heat rejection fluid cooler engineered for mission-critical facilities including hyperscale data centers and industrial plants, featuring a patent-pending recirculating adiabatic design that reduces blowdown and water discharge while improving system efficiency.
• Marley OlympusV Adiabatic Cooler Adiabatic cooler that balances water-saving benefits of an air-cooled heat rejection system with energy efficiency of a water-cooled solution for flexible cooling in HVAC and industrial systems.
• SPX Engineered Air Movement Industrial fans, blowers, critical exhaust systems, and dampers for industrial, commercial, and institutional markets under brands including Cincinnati Fan, Strobic Air Technologies, Tamco, and Daniels Fans.
• Ingénia Technologies Air Handling Units High-performance modular and fully custom air handling units for critical environments such as hospitals, laboratories, educational institutions, food processing facilities, and cultural spaces.
• ASPEQ Heating Group Electric Heaters Electric heaters for industrial, commercial, marine, and military markets under brands including Accutherm, Banner Day, BBC, Brasch, Heatrex, Indeeco, Solar Products, and Spectrum.
• Marley Engineered Products Supplemental heating solutions including washdown and explosion-proof heaters for commercial, industrial, and residential spaces, with over 40 years of expertise.
• Thermolec Custom Electric Heating Custom electric duct heating and related solutions serving the HVAC industry, acquired by SPX in early 2026 to strengthen the Electric Heat portfolio and extend presence into Canada.
• Weil-McLain Hydronic Heating Systems Leading North American brand since 1881 offering residential boilers, commercial boilers, heat pump systems, and indirect-fired water heaters for residential, commercial, and institutional buildings.
• Patterson-Kelley Commercial Boilers High-efficiency commercial heating solutions including commercial boilers, water heaters, heat pumps, and control systems with a small footprint design.
• Sigma Hydronic Equipment

Quantifiable outcome

• HVAC segment revenue up 22% year-over-year in Q1 2026
• +4 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core.

• ThermoleccoreTechnology or Integration · 20 January 2026SPX completed acquisition of Thermolec for CA$195 million (approximately $140 million USD). Thermolec, a custom electric heating solutions provider, strengthens SPX's Electric Heat portfolio and extends the company's presence into Canada.
• Air EnterprisescoreTechnology or Integration · 9 December 2025Part of Crawford United acquisition. Air Enterprises is a custom air handling solutions provider being integrated into SPX's HVAC segment.
• Rahn IndustriescoreTechnology or Integration · 9 December 2025Part of Crawford United acquisition. Rahn Industries is part of the Commercial Air-Handling Equipment segment being integrated into SPX's HVAC portfolio.
• Crawford United CorporationcoreTechnology or Integration · 8 December 2025SPX acquired Crawford United for approximately $300 million (~$83.86 per share), adding the Commercial Air-Handling Equipment segment including Air Enterprises and Rahn Industries to SPX's HVAC portfolio. Non-core Industrial & Transportation Products segment to be divested.
• Sigma & OmegacoreTechnology or Integration · 15 April 2025SPX acquired Sigma & Omega, a Toronto-based manufacturer of hydronic heating and cooling equipment, for approximately $144 million. The acquisition aims to expand Sigma & Omega's sales in the U.S. through increased production and market efforts.
• Kranze Technology Solutions (KTS)coreTechnology or Integration · 23 December 2024SPX acquired KTS for approximately $350 million in Q1 2025 to enhance its Communications Technologies platform with digital interoperability and tactical networking solutions. KTS is expected to generate approximately $90 million in revenue in 2025.
• ASPEQ Heating GroupcoreTechnology or Integration · 5 June 2023SPX acquired ASPEQ Heating Group for $418 million in cash, expanding its HVAC heating platform with electric heaters for industrial, commercial, and military markets. ASPEQ has approximately $120 million in annual revenue.
• International Tower Lighting, LLC (ITL)coreTechnology or Integration · 11 April 2022SPX acquired ITL, a Tennessee-based company providing high-quality obstruction lighting products and services. ITL's revenues of approximately $18 million are expected to moderately increase segment margins.
• Cincinnati FancoreTechnology or Integration · 15 November 2021SPX acquired Cincinnati Fan & Ventilator Co., Inc. from Dominus Capital. Cincinnati Fan is a leading air movement solutions manufacturer for industrial, commercial, and institutional markets.
• Enterprise Control Systems Ltd (ECS)coreTechnology or Integration · 4 August 2021SPX acquired UK-based ECS, a designer and manufacturer of communication and RF countermeasure systems including RF jammers. ECS contributes approximately $14 million in annualized revenue and is integrated into SPX's Detection & Measurement segment.

Scale indicators24 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Greenheck Group: Greenheck is a leading manufacturer of commercial and industrial air movement, ventilation, and architectural products, directly competing with SPX's Cincinnati Fan, Strobic Air, Tamco, and Daniels Fans brands in fans, blowers, and dampers.
• Watts Water Technologies: Watts Water Technologies designs and manufactures water safety, flow control, and HVAC/plumbing products, directly comparable to SPX's hydronics, boiler, and water heating platforms (Patterson-Kelley, Weil-McLain, Sigma).
• AAON: AAON manufactures premium commercial HVAC equipment including air handlers, chillers, and packaged rooftop units, directly competing with SPX's Ingénia, SPX Cooling Tech, and Engineered Air Movement products.
• Vertiv Holdings: Vertiv is a leading data center critical infrastructure provider (power, cooling, IT systems) directly comparable to SPX's data center cooling business, including thermal management for hyperscale facilities—a key growth segment for both companies.
• Lennox International: Lennox International is a direct peer in residential and light commercial HVAC, refrigeration, and heating, with comparable engineered solutions portfolio and similar end-market exposure to SPX's hydronics and air movement segments.
• Comfort Systems USA: Comfort Systems USA is a leading provider of commercial HVAC installation, service, and mechanical contracting solutions serving the same end customers (commercial, industrial, healthcare) as SPX's HVAC segment.

Broad incumbents

• Carrier Global Corporation: Carrier Global is a leading HVAC, refrigeration, and fire/security company (~$20B+ revenue) with direct overlap in commercial HVAC, controls, and refrigeration, competing against SPX's cooling and detection portfolios globally.
• Trane Technologies: Trane Technologies is a global climate solutions leader (~$17B+ revenue) directly competing with SPX in commercial HVAC, chillers, and air handling. SPX's niche focus on cooling towers, hydronic boilers, and electric heating is adjacent to Trane's broader portfolio.
• Roper Technologies: Roper Technologies is a diversified technology company with a portfolio of niche industrial and measurement brands (including test & measurement), with comparable product breadth and acquisition-led growth strategy to SPX's Detection & Measurement segment.
• Fortive Corporation: Fortive is a diversified industrial technology company encompassing professional instrumentation and advanced healthcare solutions, with a similar niche-brand acquisition model and Detection & Measurement adjacencies to SPX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/spxnews
• LinkedInlinkedin.com/company/spx-corporation

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A22 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPX Technologies