SPX Technologies to acquire Crawford United for $83.42 per share

SPX Technologies (SPXC) and Crawford United Corporation (CRAWA) announced they have entered into a definitive agreement for SPX to acquire Crawford United, a Cleveland-based holding company with a broad portfolio of highly engineered air handling and industrial products. The agreement provides for Crawford United to merge with a subsidiary of SPX, with holders of Class A and Class B common stock of Crawford United to receive, after adjustments for satisfaction of indebtedness and payment of expenses, estimated cash consideration of approximately $83.42 per share, representing an aggregate transaction value of $300M. The addition of Crawford United’s Commercial Air-Handling Equipment segment, comprised of Air Enterprises and Rahn Industries businesses, will expand SPX’s HVAC portfolio of custom air handling solutions and enhance its coil offering, bringing complementary technologies, design capabilities, and manufacturing footprint. Together, these capabilities will advance SPX’s strategy to deliver differentiated solutions, drive long-term value for customers and shareholders, and align well with its capital deployment strategy of acquiring high-engineering content businesses. The Commercial Air-Handling Equipment segment reported sales of $81.6M and segment operating profit of $22.8M during the trailing twelve-month period ended September 30, 2025. Upon closing, Crawford United’s Commercial Air Handling Equipment segment will be included in SPX’s HVAC segment. Crawford United’s Industrial & Transportation Products segment, which includes an attractive portfolio of businesses serving aerospace, defense, transportation, and marine markets, is non-core to SPX’s long-term strategy. These non-core businesses will be recorded by SPX as assets held for sale, with their results reported as discontinued operations while the Company executes its plan to sell these businesses, including identifying a suitable buyer. SPX intends for these non-core businesses to continue to operate without disruption to ensure a smooth transition for employees and customers throughout the process. The transaction is expected to close during the first quarter of 2026, subject to customary closing conditions, required regulatory approvals, and approval by Crawford United’s shareholders.