Download PDF version

SPX Technologies, Inc. (‘SPXC’ or the Company) announced that it has completed the acquisition of ASPEQ Heating Group (‘ASPEQ’) including certain tax attributes for US$ 418 million in cash, subject to closing adjustments.

ASPEQ, a global provider of electrical heating solutions to customers in industrial and commercial markets, is now a part of SPX Technologies’ HVAC Heating platform.

Rise in 2023 full-year guidance for adjusted earnings

To reflect this transaction, the Company has increased its 2023 full-year guidance for adjusted earnings per share of US$ 3.90 to US$ 4.05 from a prior range of US$ 3.80 to US$ 3.95.

The increase in guidance reflects a partial year of ownership of ASPEQ and the impact of financing costs associated with the transaction.

SPX Technologies acquires ASPEQ Heating Group

We are excited to welcome the ASPEQ team to the SPX Technologies family"

At the midpoint, updated adjusted EPS guidance represents a year-on-year increase of approximately 28%. Management expects ASPEQ to have annual revenue of approximately US$ 120 million, and higher-than-company-average sales growth and margins.

We are excited to welcome the ASPEQ team to the SPX Technologies family,” said Gene Lowe, the President and Chief Executive Officer (CEO) of SPX Technologies, adding “This transaction more than doubles SPX Technologies’ position in electrical heating and expands our value-creation opportunities in highly-complementary and attractive industrial and commercial end markets.

Combined business offers long-term growth potential

Gene Lowe continues, “We see significant long-term growth potential for our combined businesses, as well as nearer-term benefits from favorable secular trends, such as electrification, decarbonization, and re-shoring.

Dave Smith, ASPEQ’s President and Chief Executive Officer (CEO), said “We are delighted to be joining SPX Technologies’ electrical heating team. Bringing together SPX Technologies’ marketing and channel infrastructure and business systems with ASPEQ’s technology, and strong product development and applications expertise creates numerous opportunities for employees, customers, and shareholders.

Building a stronger, more valuable platform

Dave Smith adds, “I personally look forward to working with the SPX Technologies team to build an even stronger, more valuable platform.

Download PDF version Download PDF version

In case you missed it

Carrier BluEdge: Lifecycle Service For Data Centers
Carrier BluEdge: Lifecycle Service For Data Centers

Carrier is proud to introduce new BluEdge® lifecycle service offerings as part of the growing QuantumLeap™ portfolio of scalable, purpose-built solutions designed for dat...

Finding An HVAC System That Meets Multiple Design Goals
Finding An HVAC System That Meets Multiple Design Goals

Meeting a project’s overarching design goals is vital in the building and construction sector. Creating a sustainable building could be one of these goals — driven by c...

ATMO America 2025: Natural Refrigerants Summit
ATMO America 2025: Natural Refrigerants Summit

ATMOsphere, publisher of NaturalRefrigerants.com, has announced that the dates for its ATMOsphere (ATMO) America Summit 2025 will be Wednesday, June 11, and Thursday, June 12, 2025...

vfd