18th Feb 2019 07:54
LONDON (Alliance News) - Valves and pumps-maker Spirax-Sarco Engineering PLC said Monday it was in exclusive talks to buy French cable maker Thermocoax Development for GBP139 million.
The FTSE 100-listed firm is in talks with Thermocoax-owners Chequers Capital, TCR Capital and other minority shareholders to buy the firm on a debt- and cash-free basis for EUR158 million.
In 2018, Thermocoax generated EUR12.9 million in earnings before interest, taxes, depreciation and amortisation on revenue of EUR49.8 million.
Should the deal complete - which is subject to competition regulator approval - Spirax-Sarco expects Thermocoax to become part of its electrical process heating business, Chromalox.
"We look forward to welcoming Thermocoax, its management and employees into the Spirax Sarco family," Spirax-Sarco Chief Executive Officer Nicholas Anderson said.
"The combination of Thermocoax and Chromalox will significantly strengthen our electrical thermal energy solutions presence in Europe while expanding our technology and product offering worldwide," Anderson added. "We believe that the global Spirax Sarco footprint will allow both businesses to expand more rapidly into new geographic areas providing sustainable value creation for customers and shareholders."
Related Shares:
Spirax-Sarco