SPX Technologies Announces Acquisition of Ingénia
07 Fevereiro 2024 - 6:35PM
SPX Technologies (NYSE:SPXC) announced today that it has acquired
privately held Ingénia Technologies (“Ingénia”) for approximately
CA$405 million (approximately US$300 million) in cash, including
acquired real estate.
Headquartered in Mirabel, Quebec, Canada, Ingénia specializes in
the design and manufacture of custom air handling units and has a
strong reputation for superior performance and quality. Ingénia’s
products are favored for applications that demand high levels of
precision and reliability in healthcare, pharmaceutical, education,
food processing and industrial end markets.
Ingénia is now part of SPX Technologies’ Cooling platform,
within its HVAC segment, and further expands the Company’s position
in Engineered Air Movement (“EAM”) solutions. Ingénia is
anticipated to have annualized revenue of approximately US$100
million for the full-year 2024, and its margins and anticipated
revenue growth rate are higher than the HVAC segment average.
Gene Lowe, President and CEO of SPX Technologies commented, “We
are very excited to welcome Ingénia to the SPX Technologies team.
Ingénia’s well-respected brand and attractive niche-engineered
products are a strong fit within our EAM business. We see multiple
opportunities to further scale our position in this attractive
market through the combination of Ingénia’s high performance air
handling solutions and SPX’s strong distribution channels and
business system. Ingénia’s investments in robotics and automation
and its proprietary software enable unmatched speed to market and
significant value for customers. This is SPX’s 14th acquisition
since 2018, and further validates our strategy of building
high-quality, market-leading platforms.”
Giuseppe Racanelli, President of Ingénia also commented, “The
Ingénia team is very excited about joining the SPX family. Over
many years our team has built cutting-edge engineering and
manufacturing capabilities and reached new heights of product
quality and precision. Combining Ingénia’s best-in-class solutions
with SPX Technologies’ large global footprint, marketing
infrastructure, and existing air movement offerings is highly
complementary and a natural next step in our growth journey.
Together we will build an even stronger business that accelerates
innovation and creates further opportunities for our customers and
employees.”
SPX Technologies was represented by Blake, Cassels & Graydon
LLP as legal counsel. McCarthy Tétrault served as legal
counsel for Ingénia.
About SPX Technologies: SPX Technologies is a
supplier of highly engineered products and technologies, holding
leadership positions in the HVAC and detection and measurement
markets. Based in Charlotte, North Carolina, SPX Technologies has
more than 4,000 employees in 15 countries. SPX Technologies is
listed on the New York Stock Exchange under the ticker symbol
“SPXC.” For more information, please visit www.spx.com.
About Ingénia: Headquartered in Mirabel,
Quebec, Canada Ingénia is a leading-edge technologies company that
specializes in the design and manufacture of high-quality air
handling units, from fast delivery modular units to fully custom
projects. The company was founded in 2004 and is well-known as a
technology and production automation leader that has become the
standard for quality in the North American market. From traditional
to fully integrated systems with controls and piping, Ingénia’s
solutions are used in high-value applications in a number of end
markets, including health sciences (hospitals and research labs),
pharmaceutical, education, food processing, office buildings, and
industrial. For more information please visit
www.ingeniatechnologies.com.
Forward-looking Statements: Certain statements
in this press release are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are subject to risks and uncertainties that could cause actual
results to differ from those contained in the forward-looking
statements, including risks and uncertainties with respect to the
ability of SPX Technologies to successfully integrate Ingénia into
its operations and realize expected synergies and growth
opportunities from the transaction, as well as risks and
uncertainties with respect to Ingénia’s anticipated 2024 revenues,
including possible cyclical changes and specific industry events in
its markets, the impact of competition, inadequate performance by
third-party suppliers and subcontractors for outsourced products,
components and services and other supply-chain risks, and changes
in worldwide economic conditions. Please read these statements in
conjunction with the documents filed by SPX Technologies with the
Securities and Exchange Commission, including its most recent
annual report on Form 10-K. These filings identify other important
risks and uncertainties that could cause actual results to differ
from those contained in the forward-looking statements.
Actual results may differ materially from these statements. The
words “believe,” “expect,” “anticipate,” “see,” “will” and similar
expressions identify forward-looking statements. Although SPX
Technologies believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct.
Statements in this press release speak only as of the date of
this press release, and SPX Technologies disclaims any
responsibility to update or revise such statements.
Investor and Media Contacts:Paul Clegg, VP,
Investor Relations and CommunicationsPhone:
980-474-3806E-mail: spx.investor@spx.com
SOURCE SPX Technologies, Inc.
SPX Technologies (NYSE:SPXC)
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