Charlotte-based SPX Technologies has officially closed its deal for Montreal HVAC controls maker Neptronic, spending roughly CA$605 million (about US$430 million) to pull the Canadian company into SPX’s HVAC business. The acquisition folds Neptronic’s engineered controls, electric duct heaters and humidifiers into the Charlotte supplier’s lineup and pushes SPX deeper into mission‑critical markets such as data centers and healthcare. Announced on Thursday, the move keeps SPX’s recent streak of HVAC acquisitions rolling.
Deal details
In a press release, SPX Technologies said it completed the purchase on Thursday for CA$605 million, about US$430 million, subject to customary closing adjustments, and confirmed that Neptronic will sit inside its HVAC segment. According to the company, Neptronic makes intelligent controllers, electric duct heaters, humidifiers, actuators and valves, employs about 300 people and generates roughly US$75 million in annual revenue.
"SPX's scale ... will help accelerate our growth," Neptronic President Biagio Di Lorenzo said, while SPX President and CEO Gene Lowe called the Montreal operation a "highly complementary" addition to the portfolio.
What Neptronic brings
Industry coverage notes that Neptronic’s control platforms and thermal‑management products show up in mission‑critical applications and move through a broad OEM and channel network. As CityBiz reported, the company runs a sizable facility in Montreal and brings technologies SPX can use across its HVAC platform. The Charlotte Observer framed the deal as a strategic step in SPX’s effort to scale precision thermal‑management and controls‑enabled systems.
SPX’s run of HVAC deals
The Neptronic buy follows SPX’s earlier 2026 deals with Thermolec in January and Crawford United in February, moves that expanded its electric‑heat and custom air‑handling businesses, according to the company’s public filings. SPX’s recent SEC filings show those acquisitions have been folded into its HVAC reportable segment as the company builds a broader platform for controls‑enabled solutions.
That roll‑up strategy is designed to create distribution scale and product breadth that SPX can sell into data centers, healthcare and other mission‑critical markets.
What to watch next
SPX said it will plug Neptronic into its 2026 outlook when it reports second‑quarter results on July 30, making that earnings release the next checkpoint for gauging the deal’s financial impact. The company noted that the implied EBITDA multiple on the transaction lands modestly above its recent range of deals.
Investors and local stakeholders will be combing through guidance and integration plans for any hints of job or supply‑chain shifts in Montreal and potential changes to manufacturing footprints. For now, management says the transaction positions the Charlotte company to offer more integrated, controls‑enabled HVAC solutions to customers around the world (SEC filings).
