1st Dec 2022 09:40
(Alliance News) - Spirax-Sarco Engineering PLC on Thursday confirmed the completion of its acquisition of Durex International Corp, a US-based specialist in custom electric thermal solutions for ultra-high criticality equipment also known as Durex Industries.
The thermal energy management and pumping company bought Durex Industries for a total of USD342.2 million on a cash and debt free basis. Durex Industries is now part of Spirax-Sarco's Electric Thermal Solutions business, which has 18 manufacturing facilities globally and around 2,700 employees.
In the twelve months that ended August 31, Durex Industries recorded revenue of USD74.5 million. Earnings before interest, taxation, depreciation and amortisation were at USD25.3 million.
In September, Spirax said the acquisition aimed to help to strengthen its coverage of global markets and end-market sectors.
Spirax-Sarco shares were 1.4% higher at 11,360.00 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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