SPX Technologies Announces Acquisition of Ingénia

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 acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms.”

Giuseppe Racanelli, President of Ingénia also commented, “The Ingénia team is very excited about joining the SPX family. Over many years our team has built cutting-edge engineering and manufacturing capabilities and reached new heights of product quality and precision. Combining Ingénia’s best-in-class solutions with SPX Technologies’ large global footprint, marketing infrastructure, and existing air movement offerings is highly complementary and a natural next step in our growth journey. Together we will build an even stronger business that accelerates innovation and creates further opportunities for our customers and employees.”

SPX Technologies was represented by Blake, Cassels & Graydon LLP as legal counsel.  McCarthy Tétrault served as legal counsel for Ingénia. 

About SPX Technologies: 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 more than 4,000 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com. 

About Ingénia: Headquartered in Mirabel, Quebec, Canada Ingénia is a leading-edge technologies company that specializes in the design and manufacture of high-quality air handling units, from fast delivery modular units to fully custom projects. The company was founded in 2004 and is well-known as a technology and production automation leader that has become the standard for quality in the North American market. From traditional to fully integrated systems with controls and piping, Ingénia’s solutions are used in high-value applications in a number of end markets, including health sciences (hospitals and research labs), pharmaceutical, education, food processing, office buildings, and industrial. For more information please visit www.ingeniatechnologies.com.

Forward-looking Statements:
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including risks and uncertainties with respect to the ability of SPX Technologies to successfully integrate Ingénia into its operations and realize expected synergies and growth opportunities from the transaction, as well as risks and uncertainties with respect to Ingénia’s anticipated 2024 revenues, including possible cyclical changes and specific industry events in its markets, the impact of competition, inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks, and changes in worldwide economic conditions. Please read these statements in conjunction with the documents filed by SPX Technologies with the Securities and Exchange Commission, including its most recent annual report on Form 10-K. These filings identify other important risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements.

Actual results may differ materially from these statements. The words “believe,” “expect,” “anticipate,” “see,” “will” and similar expressions identify forward-looking statements. Although SPX Technologies believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

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.

Investor and Media Contacts:
Paul Clegg, VP, Investor Relations and Communications
Phone:  980-474-3806
E-mail: spx.investor@spx.com

SOURCE SPX Technologies, Inc.