• A bit like Johnson Controls for industrial HVAC systems and essential building infrastructure components.

• Similar to a more specialized Honeywell or Siemens, providing critical infrastructure products for utilities and industrial processes.

• Imagine a company with the industrial HVAC infrastructure focus of Carrier combined with the utility and industrial measurement tools of Fluke.

• Cooling Towers: Equipment designed to remove heat from a building or industrial process by spraying water into a controlled airflow.
• Heat Exchangers: Devices that efficiently transfer thermal energy between two or more fluids, without the fluids directly mixing.
• Boilers: Closed vessels that heat fluid, typically water, to generate steam or hot water for heating or industrial applications.
• Chillers: Machines that remove heat from a liquid coolant through a vapor-compression or absorption refrigeration cycle, for cooling systems.
• Radiodetection Products: Equipment used for locating and mapping underground utilities such as cables and pipes.
• CUES Products: Advanced robotic and video inspection systems specifically designed for wastewater and stormwater pipelines.
• US Radar Products: Ground penetrating radar (GPR) systems used for locating buried objects, utilities, and analyzing geological features.

SPX Technologies (SPXC) primarily sells its highly engineered products and technologies to **other companies and governmental entities (B2B)**, rather than directly to individuals. Due to the diversified nature of its industrial business and its sales channels (which can include direct sales, distributors, and OEMs), SPXC does not publicly disclose the names of its specific major customers.

However, based on its product portfolio across its HVAC and Detection & Measurement segments, its major customer base consists of companies and organizations operating within the following key industries and sectors:

• Utility and Telecommunication Companies: These customers utilize SPXC's advanced detection and measurement solutions for maintaining critical infrastructure. This includes locating underground pipes, cables, and inspecting gas, water, and electrical systems. While specific customer names are not disclosed, this segment includes major public and private utility providers and telecommunication infrastructure companies. (Examples of the type of entities in this sector, not confirmed SPXC customers, include companies like Duke Energy (NYSE: DUK), American Electric Power (NYSE: AEP), and various telecom providers.)
• Commercial and Industrial Facilities & Original Equipment Manufacturers (OEMs): This broad category encompasses a wide range of businesses and manufacturers that require SPXC's HVAC products. These products (such as cooling towers, boilers, and heat exchangers) are critical for operations in data centers, power generation plants, food & beverage processing facilities, chemical processing plants, and large commercial buildings. SPXC also supplies components to OEMs who integrate these into larger systems for various industries. (Specific customer names are not disclosed by SPXC; examples of industries served include companies involved in data center operations, industrial manufacturing, and large-scale facility management across various sectors.)
• Transportation and Public Sector Agencies: Customers in this segment include various governmental bodies and agencies. This can involve transit authorities for fare collection systems and other public safety or infrastructure management departments that utilize specialized detection equipment and communication technologies. (Specific customer names are not disclosed by SPXC; examples include metropolitan transit agencies or public works departments within city, state, or federal governments.)

Gene J. Lowe, III President and Chief Executive Officer

Gene J. Lowe, III has served as President and Chief Executive Officer of SPX Technologies since 2015, having joined the company in 2008. Prior to his tenure at SPX, he held positions with Milliken & Company, Bain & Company, and Lazard Technology Partners. Lazard Technology Partners is noted as a venture capital subsidiary. He also currently serves as an independent director of Federal Signal Corporation.

Mark A. Carano Vice President, Chief Financial Officer and Treasurer

Mark A. Carano was appointed Vice President, Chief Financial Officer and Treasurer of SPX Technologies in 2023. Before joining SPX, he served as Senior Vice President, Chief Financial Officer, and Treasurer at Insteel Industries, Inc. Notably, he was Chief Financial Officer of Big River Steel LLC from 2019 until its sale to U.S. Steel in 2020. Big River Steel LLC was a private equity-owned manufacturer. Prior to that, he held senior management roles with Babcock & Wilcox.

Eric Kaled President, Communication Technologies and Transportation

Eric Kaled became an officer of SPX Technologies in 2025, having joined the company in 2019 as President of its Transportation platform. In 2020, his role expanded to include President of SPX's Communications Technologies platform. He is recognized for driving significant growth, both organically and through strategic acquisitions, and for building high-performing teams focused on product innovation and efficient execution.

Michael Daly Chief Strategy and Corporate Development Officer

Michael Daly was appointed Chief Strategy and Corporate Development Officer of SPX Technologies in 2025. He joined the company in 2022 as Vice President and Global Head of Strategy and Business Development. Mr. Daly brings over two decades of global M&A leadership experience and expertise in organic growth strategy across numerous regulated industries. In his role, he is crucial in defining and advancing SPX's corporate strategy and expanding its footprint and capabilities through strategic deal making.

Darnell Smith Vice President, Chief Information Officer

Darnell Smith was appointed Vice President and Chief Information Officer of SPX Technologies in 2025. He joined SPX in 2022 as CIO, bringing over 30 years of Information Technology experience from various industries and organizations. Mr. Smith is responsible for driving SPX's information technology strategy, focusing on efficiency, security, user experience, acquisition integrations, software development, cybersecurity, and AI adoption. Before joining SPX, Darnell served as Vice President and CIO at Standard Textiles.

1. Cyclical Nature of Markets and Exposure to General Economic and Geopolitical Conditions: Many of the markets in which SPX Technologies operates are cyclical or subject to broader industry events, which can cause fluctuations in revenues and profits. Economic downturns, industry-specific challenges, and global macroeconomic factors such as geopolitical conflicts and currency fluctuations can adversely affect sales and overall financial performance. The company is exposed to risks related to the price and availability of raw materials and components, which can be exacerbated by these conditions.
2. High Leverage and Negative Free Cash Flow: SPX Technologies exhibits high leverage, with net debt/EBITDA well above the market average, which increases risk if borrowing costs rise or if refinancing becomes challenging. The company has also experienced negative free cash flow, pressured by recent acquisitions and working capital requirements. This constrains financial flexibility for activities such as share repurchases or debt reduction.
3. Acquisition and Disposition Risks: SPX Technologies pursues growth through strategic acquisitions. These acquisitions inherently present financial and operational challenges, including potential difficulties with integration and the possibility of disputes. Similarly, dispositions of assets or businesses may involve retaining liabilities and can carry associated financial risks.

The rapid advancement and adoption of autonomous inspection and monitoring solutions, including AI-powered drones, robotics, and advanced IoT sensor networks, pose a clear emerging threat to SPX Technologies' Detection & Measurement segment. These technologies offer potentially more efficient, safer, and cost-effective methods for critical infrastructure inspection, such as pipeline integrity, utility locating, and sewer line diagnostics. This could disrupt demand for SPXC's traditional specialized detection equipment and services by offering alternative solutions that may bypass or reduce the need for their current offerings.

SPX Technologies (SPXC) operates primarily in two main segments: HVAC (Heating, Ventilation, and Air Conditioning) and Detection and Measurement. The addressable markets for their main products and services are as follows:

HVAC Segment

• Global HVAC Systems Market: The global HVAC systems market was estimated at approximately USD 241.52 billion in 2024 and is projected to reach around USD 445.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2033. Other estimates place the 2024 market size at around USD 289.99 billion, growing to USD 407.77 billion by 2030 (CAGR of 6.4% from 2025 to 2030), or USD 219.44 billion in 2024, expected to reach USD 403.06 billion by 2034 (CAGR of 6.27% from 2025 to 2034).
• U.S. HVAC Systems Market: This market was estimated at USD 29.89 billion in 2024 and is projected to reach USD 54.02 billion by 2033, with a CAGR of 6.9% from 2025 to 2033. Other reports indicate a market size of USD 31.20 billion in 2024, expected to grow to USD 53.80 billion by 2034 (CAGR of 5.60%), or USD 30.43 billion in 2023, projected to hit USD 62.25 billion by 2033 (CAGR of 7.42% from 2024 to 2033).
• Global Boiler Market: The global boiler market was valued at USD 100.3 billion in 2024 and is expected to expand at a CAGR of 7% between 2025 and 2034. Another projection estimates growth from USD 107.3 billion in 2025 to USD 211.1 billion by 2035 (CAGR of 7.0%).
• U.S. Boiler Market: Valued at USD 4.5 billion in 2024, this market is expected to register a CAGR of 5.7% from 2025 to 2034, reaching USD 7.9 billion by 2034.
• Global Cooling Tower Market: The global cooling tower market size was valued at USD 3.0 billion in 2024 and is projected to reach USD 3.9 billion by 2029, growing at a 5.3% CAGR. Another source estimates the market size at USD 4.23 billion in 2024, projected to grow to USD 6.21 billion by 2032 (CAGR of 5.1%).
• U.S. Cooling Tower Market: This market generated a revenue of USD 750.0 million in 2024 and is expected to reach USD 1,400.7 million by 2033, at a CAGR of 7.4% from 2025 to 2033.
• Global Air Management System Market: The global air management system market was valued at USD 4.65 billion in 2024 and is projected to expand to USD 8.53 billion by 2035, at a CAGR of 5.67% from 2025 to 2035.
• Global Ventilation System Market: The global ventilation system market size was valued at USD 31.87 billion in 2024. It is projected to grow from USD 34.29 billion in 2025 to USD 59.06 billion by 2032, exhibiting a CAGR of 8.08%.

Detection and Measurement Segment

• Global Utility Locator Market: The global utility locator market size was estimated at USD 842.5 million in 2023 and is projected to reach USD 1,252.3 million by 2030, growing at a CAGR of 6.1% from 2024 to 2030. Another estimate for 2024 is USD 1.2 billion, forecasted to hit USD 2.4 billion by 2033, growing at a robust CAGR of 7.8%.
• Global Automated Fare Collection System Market: This market was valued at USD 10.6 billion in 2023 and is projected to reach USD 33.3 billion by 2033, growing at a CAGR of 12.3% from 2024 to 2033. Other estimates for 2024 range from approximately USD 11.6 billion to USD 14.00 billion.
• U.S. Automated Fare Collection System Market: The value of the automated fare collection (AFC) system industry in the United States for 2024 is estimated to be US$ 2,704.1 million. The market is expected to register a CAGR of 13.4%, reaching US$ 9,513.3 million by 2034.

1. Strategic Acquisitions: SPX Technologies is expected to continue driving revenue growth through strategic and accretive mergers and acquisitions. Recent examples include the Ingenia acquisition within the HVAC segment and Kranze Technology Solutions (KTS) in Detection & Measurement, both of which have contributed to increased revenue and expanded market footprint. The company maintains a robust M&A pipeline, anticipating further revenue and earnings expansion from ongoing bolt-on deals.

2. New Product Innovation and Market Expansion: The launch of innovative products, particularly the OlympusV Max for data center cooling, is a significant driver. This product addresses the rapidly growing demand for energy-efficient, large-scale data center infrastructure, allowing SPX to meaningfully expand its addressable market and achieve top-line growth as hyperscale projects accelerate into 2026. Such differentiated offerings enable price premiums and support revenue and margin improvement.

3. Strong Organic Growth in Core HVAC Segment: SPX Technologies anticipates continued organic revenue growth, especially within its HVAC segment, driven by robust demand for cooling solutions and energy-efficient technologies. Market demand for decarbonization and energy-efficient solutions is pushing the company into premium pricing territory, sustaining durable demand and earnings momentum. This growth is further supported by solid project volumes and operational momentum.

4. Capacity Expansions: Investments in capacity expansions, specifically in Canadian and U.S. facilities for engineered air movement and air handling units, are expected to deliver incremental production. These expansions are crucial for meeting increasing demand and supporting the growth trajectory of the HVAC segment, directly contributing to higher sales volumes.

5. Enhanced Project Backlog and Pipeline Visibility: A robust backlog and strong project pipeline visibility through 2026 across both the HVAC and Detection & Measurement divisions indicate sustained strong end-market demand. This healthy backlog provides a solid foundation for future revenue recognition and reflects ongoing customer demand for SPX Technologies' products and services.

Share Repurchases

• SPX Technologies announced a share repurchase program in August 2023, authorizing the repurchase of up to $100 million of its shares over a year.
• As of June 2025, the 5-year share buyback ratio was -0.80%, which indicates potential share issuance rather than significant repurchases over that period.

Share Issuance

• In August 2025, SPX Technologies priced an underwritten public offering of 2,659,575 shares of its common stock at $188.00 per share, expecting to generate approximately $500 million in gross proceeds.
• The company also granted underwriters a 30-day option to purchase up to an additional 398,936 shares, potentially raising an additional $75 million.
• A portion of the net proceeds from the August 2025 offering was used to repay outstanding amounts under its revolving credit facility, increasing the company's liquidity by over $1 billion without dilutive impact to 2025 EPS.

Outbound Investments

• SPX Technologies has been actively pursuing strategic acquisitions, completing more than 15 since 2018.
• In April 2025, the company acquired Sigma Heating and Cooling and Omega Heat Pump ("Sigma & Omega") for approximately $144 million (CAD 200 million), integrating it into its HVAC segment.
• Other significant acquisitions include Kranze Technology Solutions for $350 million, Ingenia Technologies in February 2024, ASPEQ Heating Group for $418 million in May 2023, and TAMCO for $126 million in April 2023.

Capital Expenditures

• Capital expenditures for continuing operations were $21.5 million for the full year 2020.
• Total capital expenditures were $23.6 million for the nine months ended September 27, 2025, and $28.2 million for the nine months ended September 28, 2024.
• SPX Technologies aims for future capital expenditures to be approximately 1.5% of revenue, with a focus on return-driven investments to facilitate organic growth.