SPX Technologies, listed on the NYSE under SPXC, announced the acquisition of the privately-owned Ingénia Technologies for CA$405 million (about US$300 million), inclusive of real estate. Based in Mirabel, Quebec, Ingénia is renowned for designing and manufacturing custom air handling units, serving sectors requiring high precision and reliability, such as healthcare and pharmaceuticals. This acquisition places Ingénia within SPX Technologies' HVAC segment, specifically its Cooling platform, enhancing its Engineered Air Movement (EAM) solutions portfolio. Ingénia, expected to generate annual revenue of around US$100 million in 2024, offers higher margins and growth rates compared to the broader HVAC segment.

Gene Lowe, President and CEO of SPX Technologies, highlighted the strategic fit of Ingénia's niche-engineered products within their EAM business, pointing to opportunities for growth through SPX's distribution channels and business system. He emphasized Ingénia's advanced robotics, automation, and proprietary software as key to accelerating market presence. This acquisition marks SPX's 14th since 2018, underscoring its strategy to develop market-leading platforms.

Giuseppe Racanelli, President of Ingénia, expressed enthusiasm for joining SPX, noting the complementary nature of the merger for enhancing innovation and customer service. Legal advisories for the transaction were provided by Blake, Cassels & Graydon LLP for SPX Technologies and McCarthy Tétrault for Ingénia.