SPX Technologies Drops $300M on Crawford: Smart Synergy or Strategic Overreach?

SPX Technologies has entered one of the most consequential chapters of its transformation journey with its agreement to acquire Cleveland‑based Crawford United for roughly $300 million in cash. Coming on the heels of a standout Q3—where SPX delivered 23% revenue growth, 31% adjusted EBITDA growth, and raised full‑year 2025 guidance—the Crawford deal underscores the company’s intent to broaden its engineered air‑handling and industrial technology portfolio at a moment of accelerating demand. Backlog momentum in HVAC and Detection & Measurement, a fortified balance sheet with more than $1 billion of incremental liquidity, and new product success such as the Olympus Max cooling platform have created a strategic window for inorganic expansion. Crawford, which generated $81.6 million in sales and $22.8 million in operating profit in the trailing twelve months ended September 2025, brings a complementary mix of engineered air‑handling systems and industrial solutions.