Crawford United is a holding company that acquires and operates a portfolio of specialty industrial manufacturers. Crawford United operates through two segments. The Commercial Air Handling segment is composed entirely of Air Enterprises, which designs, manufactures, and installs large custom air handling units (AHUs) for hospitals, universities, pharmaceutical facilities, and industrial manufacturers. Air Enterprises builds AHUs from aluminum rather than the galvanized steel used by most competitors, which Crawford United argues produces longer-lasting, more energy-efficient units. Projects run 3 to 24 months from order to delivery, with revenue recognized over time as work progresses. The Industrial and Transportation Products segment is a collection of acquired niche manufacturers serving aerospace, defense, heavy-duty trucking, marine, and other industrial markets. Key businesses include Federal Hose (metal and silicone hoses for truck OEMs), CAD Enterprises and Komtek Forge (precision machining and forgings for aerospace and defense), Global-Tek (CNC machining for defense and medical), and several smaller specialty manufacturers. Products in this segment are typically delivered within 30 days, with revenue recognized at the point of sale. The Commercial Air Handling segment is significantly more profitable, with roughly 30% operating margins in FY24 vs. roughly 6% for Industrial and Transportation Products. Crawford United's growth model is acquisition-driven — the company buys small specialty industrial businesses and integrates them into one of its two segments as stand-alone operating units.