30th Sep 2022 10:22
(Alliance News) - Spirax-Sarco Engineering PLC on Friday confirmed its acquisition of the Vulcanic Group of Companies.
The Cheltenham-based thermal energy management and pumping systems company announced its intention to buy Vulcanic back in July. Vulcanic is a Paris-based industrial heating group.
Spirax-Sarco agreed to pay EUR261.7 million on a cash and debt free basis, meaning Spirax-Sarco will not assume either Vulcanic's debt or its excess cash.
In the year ending December 31, Vulcanic's revenue was EUR89.4 million while it had an earnings before interest, tax, depreciation and amortisation of EUR17.6 million.
On Wednesday, Spirax-Sarco announced the acquisition of Durex International Corp., a privately-owned US specialist in electric thermal solutions for industrial equipment. Vulcanic and Durex will form part of Spirax-Sarco's electric thermal solutions business together adding 1,100 employees and helping to strengthen its coverage of global markets and end-market sectors.
Shares in Spirax-Sarco were trading 1.0% lower at 10,160.00 pence each on Friday morning.
By Chris Dorrell; [email protected]
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