SPX Corporation announced that it has completed the acquisition of Cincinnati Fan & Ventilator Co., Inc. (“Cincinnati Fan”), a leader in engineered air quality solutions, including blowers and critical exhaust systems. Approximate Annual Revenue of $60-70 million; Attractive Potential for Further Expansion in Engineered Air Quality.
Under the terms of the purchase agreement, a subsidiary of SPX merged into Cincinnati Fan for consideration of $145 million in cash, which includes consideration for the estimated value of certain tax assets associated with the acquisition. SPX currently anticipates revenue from Cincinnati Fan in a range of $60-70 million in 2022. Once fully integrated, SPX anticipates that the acquisition will be accretive to its HVAC segment margin.
“We are very excited to welcome Cincinnati Fan to the SPX team,” said Gene Lowe, President and CEO of SPX. “Bringing together Cincinnati Fan’s high-performance, engineered air quality solutions with SPX’s global footprint and distribution infrastructure opens multiple opportunities to create additional value, and accelerate our combined growth. We see significant potential to further expand our HVAC Cooling platform by building upon this foundation in engineered air quality solutions.”
