REG - Spirax-Sarco Engng - Completion of the acquisition of Vulcanic

SpiraxAnnouncement

30/09/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220930:nRSd2484Ba&default-theme=true

RNS Number : 2484B  Spirax-Sarco Engineering PLC  30 September 2022

 

News Release
 
30th September 2022
Completion of the acquisition of Vulcanic

Spirax-Sarco Engineering plc, the thermal energy management and niche pumping
specialist, is pleased to confirm the completion of its acquisition of the
Vulcanic Group of Companies (Vulcanic).  The intent to acquire was announced
on 4th July 2022 and an update on the signing of a binding definitive
agreement was provided on 25th July 2022.

 

As previously reported, the acquisition consideration was €261.7 million on
a cash and debt free basis. In the year ended 31st December 2021, Vulcanic
recorded revenues of €89.4 million, EBITDA of €17.6 million and EBIT of
€16.0 million on an adjusted pro-forma basis and including the full year
performance of EML, a small acquisition made by Vulcanic in December 2021.
For the 12 months to 31st August 2022 and on a comparable basis, revenues were
€99.9 million, EBITDA was €19.9 million and EBIT was €17.8 million.

 

Earlier this week, on Wednesday 28th September, the Group also announced the
acquisition of Durex International Corporation (Durex), a privately-owned
US-based specialist of custom electric thermal solutions for ultra-high
criticality industrial equipment.

 

Vulcanic and Durex will form part of the Group's Electric Thermal Solutions
Business (ETS), adding more than 1,100 colleagues and strengthening ETS'
coverage of attractive end-market sectors and geographies to accelerate
growth.

 

ETS will serve the market through multiple brands, supported by regional
manufacturing capability from 20 facilities worldwide.  Chromalox and
Vulcanic will be the lead brands for electric heating solutions for critical
applications of industrial processes, including the decarbonisation of those
processes.  Thermocoax and Durex will be the lead brands of ultra-critical
electric heating solutions for industrial equipment.

 

 

Enquiries:

Nicholas Anderson, Group Chief Executive

Andrew Guthrie, Head of Investor Relations

 

 

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 more than 9,200 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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQEAXNNADSAEFA