SPX Technologies acquired Thermolec Ltd. for approximately $141.5 million (net cash consideration), a transaction completed in January 2026, structured as all cash.
Thermolec Ltd. operates in HVAC. SPX Technologies announced in January 2026 the acquisition of Thermolec for total cash consideration of about CAD $195 million (roughly US $140 million). A Montreal-based maker of custom electric duct heating and related products for commercial, multi-family residential and light-industrial use, Thermolec has close to 200 employees and around US $35 million in annual revenue. It joins SPX's HVAC segment alongside the Marley Engineered Products and ASPEQ electric-heat brands.
Extends SPX's electric heating franchise (Marley Engineered Products, ASPEQ) into custom duct heating.
HVAC reportable segment
Advisory firms were not disclosed for this transaction.