CHARLOTTE, N.C., April 03, 2023 (GLOBE NEWSWIRE) — SPX Technologies Inc. (NYSE:SPXC) announced today that it has acquired privately held TAMCO for approximately CA$170 million (approximately US$125 million) in cash. Headquartered in Smiths Falls, Ontario, Canada, TAMCO is a market leader in motorized and non-motorized dampers that control airflow in large-scale specialty applications in commercial, industrial, and institutional markets. TAMCO, which has operations in Canada and the US, is well-known for its eco-friendly solutions, which provide very low levels of air leakage in critical thermal applications, such as data centers and healthcare facilities.
TAMCO is now a part of SPX Technologies’ HVAC segment and expands the Company’s position in Engineered Air Movement solutions. TAMCO has annual revenue of more than US$50 million, and its margins and anticipated revenue growth rate are higher than the HVAC segment average.
“We are very excited about welcoming TAMCO to the SPX Technologies team,” said Gene Lowe, President and CEO of SPX Technologies. “TAMCO’s well-respected brand and attractive niche-engineered products are a strong fit within our Engineered Air Movement business. We see multiple opportunities to create value and accelerate our growth by leveraging our combined product offerings, distribution channels, and SPX Technologies’ business system. This is our 12th acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms, and creating foundations for further growth in closely adjacent end markets.”
“The combination of TAMCO and SPX Technologies’ Engineered Air Movement business is an excellent fit that will provide numerous opportunities for employees and customers,” said Ron Chappell, President and CEO and primary owner of TAMCO. “TAMCO’s high-quality solutions are highly complementary with SPX Technologies’ global footprint, marketing infrastructure, and existing air movement offerings. The team at TAMCO looks forward to working with the SPX Technologies’ team to build an even stronger, more valuable platform.”
About SPX Technologies: SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies has more than 3,300 employees in 15 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
About TAMCO: T. A. Morrison & Co. Inc., or TAMCO, is an innovative manufacturer of high-end, superior-quality dampers and air control products, serving commercial, industrial, and institutional markets. TAMCO is devoted to designing and developing products that are durable, maintenance-free, energy-efficient, and unparalleled in performance. For more information please visit www.tamcodampers.com.
