SPX Technologies Acquires Thermolec for CA$195M

SPX Technologies has completed the acquisition of Thermolec Ltd. for a total cash consideration of CA$ 195 million (approximately US$ 140 million). Thermolec, founded in 1973, is a Montréal-based manufacturer of custom electric duct heating and related solutions, with nearly 200 employees.

Thermolec will become part of SPX’s HVAC segment and operate within its Electric Heat business alongside Marley Engineered Products (MEP) and ASPEQ. The company generates annual revenues of approximately US$ 35 million, with a substantial majority of sales in Canada.

SPX plans to expand Thermolec’s U.S. sales while leveraging Thermolec’s Canadian customer relationships to grow MEP’s sales in Canada.