REG - Spirax-Sarco Engng - Completion of the Acquisition of Durex Industries

SpiraxAnnouncement

01/12/2022 07:00

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RNS Number : 1479I  Spirax-Sarco Engineering PLC  01 December 2022

 

News Release
 
1(st) December 2022
Completion of the acquisition of Durex Industries

Spirax-Sarco Engineering plc, the thermal energy management and niche pumping
specialist, is pleased to confirm the completion of its acquisition of Durex
International Corporation (Durex Industries), following the satisfaction of
all conditions precedent.  Durex Industries is a privately-owned US based
specialist in custom electric thermal solutions for ultra-high criticality
equipment.  The signature of a definitive agreement to purchase Durex
Industries was previously announced on 28th September 2022.

 

As previously reported, the acquisition consideration is US$342.2 million on a
cash and debt free basis. In the year ended 31st December 2021, Durex
Industries recorded revenues of US$61.7 million, EBITDA was US$18.7 million
and EBIT was US$17.1 million.  For the 12 months to 31st August 2022,
revenues were US$74.5 million, EBITDA was US$25.3 million and EBIT was US$23.5
million.

 

Durex Industries is now part of the Group's Electric Thermal Solutions
Business (ETS) which comprises Chromalox, Thermocoax and Vulcanic.  Chromalox
and Vulcanic are the lead brands for electric heating solutions for critical
applications of industrial processes, including the decarbonisation of those
processes.  Thermocoax and Durex Industries are the lead brands of
ultra-critical electric heating solutions for industrial equipment.

 

ETS now comprises around 2,700 colleagues and is served by 18 manufacturing
facilities worldwide.

 

Enquiries:

Nicholas Anderson, Group Chief Executive

Nimesh Patel, Chief Financial Officer

 

 

About Spirax‐Sarco Engineering plc

Spirax‐Sarco Engineering plc is a thermal energy management and niche
pumping specialist.  It comprises three world‐leading Businesses: Steam
Specialties, for the control and management of steam; Electric Thermal
Solutions, for advanced electrical process heating and temperature management
solutions; and Watson-Marlow, for peristaltic pumping and associated fluid
path technologies. The Steam Specialties and Electric Thermal Solutions
Businesses provide a broad range of fluid control and electrical process
heating products, engineered packages, site services and systems expertise for
a diverse range of industrial and institutional customers.  Both Businesses
help their end users to improve production efficiency, meet their
environmental sustainability targets, improve product quality and enhance the
safety of their operations.  Watson‐Marlow provides solutions for a wide
variety of demanding fluid path applications with highly accurate,
controllable and virtually maintenance-free pumps and associated technologies.

 

The Group is headquartered in Cheltenham, UK, has strategically located
manufacturing plants around the world and employs over 10,000 people,
including more than 2,000 direct sales and service engineers.  The Company's
shares have been listed on the London Stock Exchange since 1959 (symbol: SPX)
and it is a constituent of the FTSE 100 and the FTSE4Good indices.

 

Further information can be found at www.spiraxsarcoengineering.com
(http://www.spiraxsarcoengineering.com)

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