Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, February 16, 2024

Article Excerpt

SPX TECHNOLOGIES INC., $110.37, symbol SPXC on New York, is a North Carolina-based supplier of HVAC (heating, ventilation and air conditioning) solutions such as cooling towers, residential and commercial boilers, and comfort heating products. The company supplies detection and measurement products such as underground locators, inspection equipment, fare collection systems, communication technologies, and specialty lighting. On February 7, 2024, SPX announced it had acquired Ingenia Technologies for $300 million. The purchase includes Ingenia’s real estate. Based in Montreal, Ingenia specializes in manufacturing custom air handling units for applications demanding high levels of precision and reliability. These are sold to healthcare, pharmaceutical, education, food processing and industrial end markets. Ingenia will operate within SPX’s HVAC segment as part of its Engineered Air Movement business. Ingenia is expected to generate $100 million in 2024 revenue. In the three months ended September 30, 2023, SPX’s revenue increased 21.1%, to $448.7 million from $370.5 million a year earlier. Revenue was higher partly due to strong sales of…