6th Jan 2014 08:44
LONDON (Alliance News) - Spirax-Sarco Engineering PLC Monday said it has bought the whole of Bio Pure Technology Ltd for GBP8.5 million, a move that will boost its Watson-Marlow Pumps Group unit's position in the biotechnology and pharmaceutical industries.
In a statement, Spirax-Sarco said the deal will give its earnings per share a small benefit from 2014.
Bio Pure's founder Roy Maunder will continue with Bio Pure as a non-executive director, while Steven Feasey will continue as sales director of the Portsmouth-based company.
"WMPG already has a strong commercial relationship with Bio Pure, jointly promoting Watson-Marlow tubing and Bio Pure connectors to shared customers, where both Bio Pure and Watson-Marlow products are integrated into customers' equipment," Spirax-Sarco said.
"There is therefore clear synergy and significant growth opportunities presented by bringing together Bio Pure's product range and WMPG's products to meet the needs of the rapidly growing single-use biopharmaceutical market," it added.
Spirax-Sarco shares were down 0.4% at 2,985 pence early Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Spirax-Sarco