SPX Technologies Completes $300M Acquisition of Crawford

SPX Technologies has completed its acquisition of Crawford United Corporation, a Cleveland-based holding company with a portfolio of highly engineered air-handling and industrial products. Crawford United shareholders voted in favor of the deal, and Crawford United was merged into a SPX subsidiary.

Under the merger agreement, holders of Class A and Class B common stock received cash consideration of approximately $83.86 per share, after adjustments for satisfaction of indebtedness and payment of expenses, for an aggregate transaction value of approximately $300 million. Crawford United’s OTC Pink listing ceased before the market open.

SPX says the Commercial Air-Handling Equipment segment, including Air Enterprises and Rahn Industries, expands its HVAC portfolio of custom air-handling solutions and enhances its coil offering. Crawford United’s Industrial & Transportation Products segment is treated as non-core, recorded as assets held for sale, and reported as discontinued operations while SPX executes a plan to sell those businesses.