On July 22, 2026, SPX Technologies, Inc. acquired Neptronic Inc. for total cash consideration of $605 million, subject to customary closing adjustments. The completion was publicly announced on July 23, 2026. Neptronic, based in Montréal, Québec and founded in 1976, is a manufacturer of highly engineered heating, ventilation, and air conditioning products, including intelligent controls, electric duct heaters, humidifiers, actuators, and valves. The company serves customers through a network of original equipment manufacturers and channel partners, with a focus on mission-critical applications spanning data centres, healthcare, and education. Neptronic has approximately 300 employees, generates annual revenues of about US$75 million, and operates from a 93,000-square-foot integrated facility. Following the acquisition, Neptronic will be integrated into SPX's HVAC segment, expanding the acquirer's position in precision thermal management solutions and advancing its strategy of providing intelligent, controls-enabled HVAC offerings across existing channels and geographies. The implied enterprise value to EBITDA multiple was described as modestly above the upper end of SPX's recently transacted range of eight to twelve times. Headquartered in Charlotte, North Carolina, SPX manufactures HVAC solutions as well as detection and measurement products and technologies. SPX indicated it plans to accelerate Neptronic's growth by expanding channel access and customer reach while providing capital and operational resources to scale the business, with updated 2026 guidance incorporating the acquisition expected alongside its second-quarter results on July 30, 2026.