SPX Technologies has entered into a definitive agreement to acquire Cleveland-based Crawford United Corporation for approximately $300 million. The deal calls for Crawford United to merge with a SPX subsidiary, providing holders of its Class A and Class B common stock with an estimated cash consideration of about $83.42 per share, after adjustments for debt and expenses.
The acquisition will significantly expand SPX’s HVAC capabilities by adding Crawford United’s Commercial Air-Handling Equipment segment, which includes Air Enterprises and Rahn Industries. These operations strengthen SPX’s portfolio of custom air-handling solutions, broaden its coil offerings, and add additional engineering expertise and manufacturing capacity. During the trailing twelve-month period ending September 30, 2025, Crawford United’s Commercial Air-Handling Equipment segment reported $81.6 million in sales and $22.8 million in segment operating profit.
SPX plans to include Crawford United’s Commercial Air-Handling Equipment segment within its HVAC division upon closing. Meanwhile, Crawford United’s Industrial and Transportation Products segment, which serves aerospace, defense, transportation, and marine markets, will be classified as non-core to SPX’s strategy. These businesses will be recorded as assets held for sale and reported as discontinued operations while SPX identifies suitable buyers. SPX expects these non-core businesses to continue operating without disruption during the transition.
The transaction is expected to close during the first quarter of 2026, subject to regulatory approvals, shareholder approval, and other customary closing conditions. Both companies’ boards of directors unanimously approved the transaction. Shareholders representing more than two-thirds of Crawford United’s voting power have entered into support agreements committing to vote in favor of the merger, subject to termination.
The merger agreement allows Crawford United to consider unsolicited superior acquisition proposals under certain conditions, though SPX retains matching rights.
KEY QUOTES:
“We are excited to welcome the Crawford United team. Their commercial air-handling business is an excellent fit for our HVAC platform, strengthening our ability to deliver end-to-end solutions to customers in healthcare, universities, pharmaceutical, advanced manufacturing and commercial markets. This acquisition will advance our growth strategy and further differentiate SPX as a leader in engineered solutions.”
Gene Lowe, President & CEO, SPX Technologies
“Joining SPX provides our employees, customers and suppliers with a dynamic global partner. We believe that our Commercial Air-Handling Equipment segment will benefit significantly from SPX’s capabilities, and we are committed to ensuring a seamless transition and strong combined future.”
Brian Powers, Chief Executive Officer, Crawford United
