SPX Technologies has completed the acquisition of Crawford United Corporation, a Cleveland-based holding company specializing in engineered air handling and industrial products. The transaction, valued at approximately $300 million, includes cash consideration of around $83.86 per share for holders of Class A and Class B common stock, following adjustments for debt and expenses.
Crawford United’s Commercial Air-Handling Equipment segment—comprising the Air Enterprises and Rahn Industries businesses—will be integrated into SPX’s HVAC segment. According to SPX, this addition enhances its offering of custom air handling solutions and coil technologies, while broadening its design and manufacturing capabilities.
Crawford United’s Industrial & Transportation Products segment, which serves the aerospace, defense, transportation, and marine markets, is not aligned with SPX’s long-term strategy. These businesses are being classified as assets held for sale and will be reported as discontinued operations while SPX seeks potential buyers.
SPX plans to include the impact of the acquisition in its 2026 financial guidance to be announced on February 24, 2026, alongside its Q4 2025 results.