By Kelly Cloonan
SPX Technologies has acquired Sigma Heating and Cooling and Omega Heat Pump for $144 million.
The supplier of engineered products and technologies said Tuesday the acquisition expands its HVAC solutions to include vertical heat pumps and self-contained units.
Sigma & Omega, a Toronto-based manufacturer of hydronic heating and cooling equipment, is expected to have about $65 million in annualized revenue in 2025, SPX said.
SPX said it plans to increase Sigma & Omega's U.S. sales with the help of expanded U.S. production. A majority of the company's sales currently come from domestic Canadian customers.
Chief Executive Gene Lowe said the acquisition strategically positions SPX for continued growth in attractive end markets like high-rise residential buildings, hotels, schools, hospitals and commercial properties across North America.
The acquisition also creates potential savings within SPX's existing HVAC business, he said.
"Sigma & Omega's vertical stack water sourced heat pumps and fan coils, and commercial self-contained units are frequently paired with hydronics equipment and cooling towers, creating numerous opportunities to leverage our existing channels," Lowe said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 15, 2025 17:13 ET (21:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.