Did SpaceX buy Hexagon?
Yes, SPX Technologies, Inc. announced the acquisition of Thermolec Ltd. on January 20, 2026. The transaction was valued at a total cash consideration of approximately CA$ 195 million, which equated to roughly US$ 140 million. Thermolec, founded in 1973 and based in Montréal, is a recognized manufacturer of custom electric duct heating solutions. The acquisition was strategically designed to expand SPX Technologies' HVAC segment by integrating these highly complementary heating products into their existing portfolio. This move follows a series of other strategic acquisitions by SPX Technologies aimed at strengthening their leadership position in the industrial and commercial electric heat markets.
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