SPX Technologies plans to “significantly expand” its electric heating business by purchasing ASPEQ Heating Group for $418 million.

The Charlotte-based company has entered into an agreement to purchase ASPEQ with Industrial Growth Partners, a San Francisco-based private equity firm, SPX said in a press release Monday.

This is SPX Technologies' 13th and largest acquisition since 2018, said Gene Lowe, CEO of SPX Technologies, in a statement.

ASPEQ, based in St. Louis, offers industrial and commercial brands such as INDEECO, Heatrex and AccuTherm. ASPEQ's annual revenue is about $120 million, according to SPX.

Subject to regulatory approval, the transaction is expected to close in the second quarter, in early July.

About SPX Technologies

SPX Technologies, a provider of products and technologies in the areas of heating, ventilation and air conditioning, detection and measurement technology, employs more than 3,300 people in 15 countries.

Last month, SPX Technologies acquired Canada-based TAMCO for $125 million to expand its HVAC operations. TAMCO makes motorized and non-motorized dampers that control airflow in thermal applications such as data centers and healthcare facilities, according to SPX.

Last August, SPX Technologies was created from the corporate restructuring of the SPX Corp. group of companies.

In 2020, SPX moved its headquarters to 6325 Ardrey Kell Road in South Charlotte.

Charlotte-based manufacturer to be sold for nearly $4 billion. What this means for local operations

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Rowelto Associates recently published a new report on the Global Moving And Storage Containers Market. A diplomatic approach with the help of particular software that is used to help the highly complicated problems of a large business organization is business software. Thesis Global Moving And Storage Containers Market places are designed to be integrated and can be deployed on a variety of networks. This global Moving And Storage Containers market is highly complex, scalable, component-based, mission-critical, and distributed that meets strict security and management requirements. End users of the global Moving And Storage Containers market are moving towards the adoption of cloud-based models and hybrid deployment models instead of traditional premise-based deployments with you aim to increase cost efficiency.

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Market Research Inc recently has detailed analytics data entitled HVAC Equipment Market. Demanding trends are explored in depth in the report by type, size, and application. The global scope for the HVAC equipment sector will be discussed in more detail, studied and projected for the forecast period 2021-2029. This research report also provides aggregated data on various dynamic aspects of businesses. Well-explained SWOT analyzes are also applied to understand the strengths, weaknesses, opportunities and threats of businesses.

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