Spirax-Sarco to acquire US-based Durex International
By Iain Gilbert
Date: Wednesday 28 Sep 2022
(Sharecast News) - Manufacturing firm Spirax-Sarco Engineering has agreed to acquire US custom electric thermal solutions specialist Durex International in a deal valued at $342.2m.
Spirax-Sarco said on Wednesday that it will acquire the group on a cash and debt free basis, with the transaction to be financed through acquisition bank facilities.
The FTSE 250-listed group added that the addition of Durex will be accretive to earnings in 2023, thanks to the business' "strong track record" of top-line growth and profitability.
Upon completion of the acquisition, expected to take place in October 2022, Durex will form part of the group's electric thermal solutions business - which comprises Chromalox, Thermocoax, and shortly Vulcanic.
Chief executive Nicholas Anderson said: "We are excited about this opportunity to further strengthen our ETS business and look forward to welcoming colleagues from Durex into our group."
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN