SPX Technologies is a diversified industrial company that makes engineered products across two segments: HVAC and Detection & Measurement. The HVAC segment (roughly two-thirds of revenue) sells cooling and heating equipment for industrial, commercial, institutional, and residential customers. Cooling products include cooling towers sold under the Marley brand, custom air handling units (Ingénia), engineered dampers (TAMCO), and a newer large-scale dry/adiabatic cooling platform (Olympus Max) targeting data centers. Heating products include hydronic boilers (Weil-McLain, Patterson-Kelley) and electric heating equipment for residential and commercial use. The Detection & Measurement segment (roughly one-third of revenue) sells specialized infrastructure products to utilities, municipalities, defense agencies, and transit authorities — including underground pipe and cable locators, pipe inspection equipment, transit fare collection systems (Genfare), and tactical communications technology. SPX sells primarily through direct sales and independent representatives, with some distributor and retail channels for residential products. Margins benefit from operating leverage on a largely fixed cost base, replacement-driven demand in cooling towers and boilers, and pricing power from non-commoditized, highly engineered products. SPX's growth strategy centers on organic capacity expansion — including ~$100M of capex in 2026 to build out new HVAC facilities — new product development in data center cooling, and M&A in engineered niche businesses, having deployed roughly $2B across 16 acquisitions. SPX deploys nearly all free cash flow into growth, with minimal buybacks or dividends.