On January 20, 2026, SPX Technologies, Inc., a Charlotte, North Carolina-based supplier of engineered HVAC and detection and measurement products listed on the New York Stock Exchange, completed the acquisition of Thermolec Ltd., a Montréal-based manufacturer of custom electric duct heating equipment, modulating controls and steam humidifiers, for total cash consideration of $195 million (approximately US$140 million). The transaction was structured as a sale of 100 percent of the equity of Thermolec by its shareholders following a sell-side process. Founded in 1973, Thermolec employs nearly 200 people, generates annual revenues of approximately US$35 million (approximately $48.5 million for the year ended December 31, 2025), and supplies electric duct heaters, plenum heaters, make-up air units, electric boilers, residential steam humidifiers, related components and electric vehicle energy management systems to original equipment manufacturers, distributors and contractors across commercial, multi-family residential and light industrial markets in North America. Following the acquisition, Thermolec joined SPX's HVAC segment, operating within its Electric Heat business alongside Marley Engineered Products (MEP) and ASPEQ. SPX indicated that it intends to expand Thermolec's sales in the United States while leveraging Thermolec's established Canadian customer relationships to grow MEP's Canadian footprint, and that it expects to reflect the impact of the acquisition when it issues full-year 2026 guidance. A substantial majority of Thermolec's sales are generated in Canada.