SPX Technologies Announces Agreement to Purchase ASPEQ Heating Group
CHARLOTTE, N.C., May 01, 2023 (GLOBE NEWSWIRE) -- SPX Technologies (NYSE:SPXC) announced today that it has entered into a definitive agreement to purchase ASPEQ Heating Group (“ASPEQ”), a leader in electrical heating solutions, from Industrial Growth Partners, a San Francisco-based private equity firm. ASPEQ will become a part of SPX Technologies’ HVAC Heating platform, within its electrical heating business, along with Marley Engineered Products (MEP).
- Expands Portfolio of Electrical Heating Products within HVAC Segment;
CHARLOTTE, N.C., May 01, 2023 (GLOBE NEWSWIRE) -- SPX Technologies (NYSE:SPXC) announced today that it has entered into a definitive agreement to purchase ASPEQ Heating Group (“ASPEQ”), a leader in electrical heating solutions, from Industrial Growth Partners, a San Francisco-based private equity firm. - ASPEQ will become a part of SPX Technologies’ HVAC Heating platform, within its electrical heating business, along with Marley Engineered Products (MEP).
- Under the terms of the agreement, SPX Technologies will purchase ASPEQ and certain tax attributes for approximately $418 million in cash.
- “We are looking forward to welcoming ASPEQ to the SPX Technologies team,” said Gene Lowe, President and CEO of SPX Technologies.