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.
Welcoming note
“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.”
Agreement terms and conditions
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.
About SPX Corporation
SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets.
Based in Charlotte, North Carolina, SPX Corporation has approximately 4,000 employees in 15 countries. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol “SPXC.”
