SPX Technologies completed its acquisition of FIS Water on Monday for four hundred ten million dollars in cash, expanding its industrial cooling portfolio and strengthening its position in water management systems for commercial and industrial applications.

The Charlotte, North Carolina-based infrastructure equipment company announced the transaction had closed as planned, bringing FIS Water's five specialized brands into SPX's HVAC segment alongside its existing cooling tower operations.

Strategic Fit in Cooling Technology

FIS Water, headquartered in Fresno, California, provides water management and control solutions through its LAKOS, Puroflux, Superior, VAF, and VSI product lines. The company serves the same commercial and industrial customers that purchase SPX's cooling towers, creating what executives described as highly complementary offerings with significant customer and sales channel overlap.

Founded in 2018, FIS Water employs approximately one hundred twenty people and is projected to generate revenue of about one hundred five million dollars in 2026. The acquisition adds water treatment, filtration, and control technologies to SPX's cooling infrastructure business, allowing the combined entity to offer more complete building systems.

"FIS Water has developed a reputation for providing premium quality equipment and service to its customers," said Gene Lowe, president and chief executive officer of SPX Technologies. "The company and its employees are a great fit within SPX's Cooling business."

Integration Into HVAC Platform

FIS Water will operate within SPX's Cooling platform, which is part of the company's HVAC segment. The business manufactures industrial and commercial cooling towers, evaporative condensers, and related products under the Marley brand, among others.

The strategic logic centers on selling integrated water management solutions alongside cooling towers rather than treating them as separate purchases. Commercial building systems increasingly require coordinated cooling and water treatment, particularly as water efficiency regulations tighten in drought-prone regions.

Scott Thomas, president of FIS Water, said his team was "delighted to join SPX Technologies' Cooling business" and noted the acquisition would help accelerate growth in building and industrial applications.

Financial Impact and Guidance

SPX Technologies indicated it will provide updated 2026 financial guidance when it reports third-quarter results, incorporating FIS Water's contribution to revenue and earnings. The purchase price of four hundred ten million dollars includes certain tax attributes that are expected to enhance the deal's value to SPX shareholders.

The acquisition represents approximately 3.9 times FIS Water's projected 2026 revenue, a multiple in line with recent transactions in the industrial components sector. With FIS Water generating an estimated one hundred five million dollars in annual sales, the business should add roughly mid-single-digit percentage growth to SPX's overall HVAC segment revenue base.

Industry Consolidation Continues

The deal extends a pattern of consolidation in the industrial HVAC and water treatment markets, where larger manufacturers have sought to offer complete building systems rather than individual components. By controlling both cooling towers and water management equipment, SPX can present building engineers with integrated solutions that simplify design and reduce contractor coordination.

California's location for FIS Water also provides geographic diversification for SPX, which has concentrated manufacturing presence in the Midwest and Southeast. The Fresno headquarters positions the business near major agricultural and food processing customers that use industrial cooling systems extensively.

SPX Technologies operates in two business segments: HVAC, which includes heating, cooling, and ventilation equipment, and Detection and Measurement, which produces inspection and monitoring systems. The company's HVAC segment generates the majority of consolidated revenue and has been the focus of recent acquisition activity.

SPX trades on the New York Stock Exchange under the ticker symbol SPXC and has pursued a strategy of acquiring niche industrial businesses with strong market positions in specialized applications. The FIS Water transaction represents the company's largest acquisition in its cooling technology platform to date.