SPX Technologies Closes ASPEQ Buyout, Boosts 2023 Guidance
Portfolio Pulse from Lekha Gupta
SPX Technologies has completed the acquisition of ASPEQ Heating Group for $418 million in cash. The company raised its 2023 guidance, expecting annual revenue of about $120 million from ASPEQ. SPXC now projects revenue of $1.68 billion-$1.72 billion and an adjusted operating income margin of 15.00%-15.75%.
June 05, 2023 | 1:13 pm
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SPX Technologies acquires ASPEQ Heating Group, raising 2023 guidance and expecting annual revenue of $120 million from ASPEQ. Shares are trading lower by 1.02% at $81.26 premarket.
The acquisition of ASPEQ Heating Group is expected to boost SPX Technologies' annual revenue and has led to an increase in their 2023 guidance. However, the stock is trading lower by 1.02% premarket, indicating a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100