9th Jun 2005 13:56
Spirax-Sarco Engineering PLC09 June 2005 9th June 2005 SPIRAX-SARCO ENGINEERING PLC Spirax Sarco acquires controls business in South Africa for £2.3 million The Spirax-Sarco Engineering plc Group provides knowledge, service and productsfor the control and efficient use of steam and other industrial fluidsworldwide. The Group announces it has acquired the entire issued share capital of Actuatorsand Controls (Pty) Limited and Proportional Control Technology (Pty) Limited,manufacturers of the Mitech range of specialist control valves and actuators forsteam and high pressure industrial processes and the PCT range of controlinstrumentation. Both companies are based in Johannesburg, South Africa. TheMitech and PCT ranges, which will continue to be manufactured in South Africa,complement Spirax Sarco's existing range of control and instrumentationproducts. Through its subsidiary, Spirax-Sarco South Africa (Pty) Limited, Spirax Sarcohas an established presence in the South African market which will be used topromote the Mitech and PCT ranges to a broader customer base. The purchase consideration, which is payable in cash from existing resources, isR28.9 million (£2.3 million) and will be adjusted to reflect net cash of theacquired companies and is subject to a minimum level of net tangible assets ofthose companies. Contact details Marcus Steel - Chief ExecutiveDavid Meredith - Director Finance Spirax-Sarco Engineering plcCharlton HouseCheltenhamGlos.GL53 8ER Tel: 01242 521361Fax: 01242 581470 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Spirax-Sarco