(RTTNews) - SPX Technologies Inc. (SPXC), a provider of engineered products and technologies, on Friday announced that it has completed the acquisition of Crawford United Corporation, a Cleveland-based manufacturer of engineered air handling and industrial products.
The all-cash transaction was valued at approximately $300 million.
The acquisition was approved by Crawford United's shareholders, who will receive $83.86 per share, after adjustments, and the company's shares will no longer trade on the OTC Pink market.
This strategic move expands SPX's HVAC portfolio by integrating Crawford United's Air Enterprises and Rahn Industries businesses into its HVAC segment.
As part of the integration, Crawford United's non-core industrial and transportation units will be held for sale and reported as discontinued operations.
SPXC is currently trading at $222.13, up $3.98 or 1.82 percent on the New York Stock Exchange.
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