Acquisition

RNS Number : 5238Q

Spirax-Sarco Engineering PLC

07 November 2012

 



7^th November 2012

Spirax Sarco acquires the Business/Assets of its Chilean Distributor

for total consideration of £3.3 million

 

Spirax-Sarco Engineering plc announces that, through its newly formed subsidiary company Spirax-Sarco Chile Limitada ("Spirax Chile"), it has acquired the business and assets of the steam speciality business of Termodinámica Limitada ("Termodinámica"), based in Santiago, Chile.

Termodinámica is Spirax Sarco's exclusive distributor for Chile and has during the last 40 years grown the Group's sales in this emerging industrial market.  With the increased technical and market development that will now be provided, Spirax Chile will be well positioned to assist its customers to improve the costs and environmental impacts of operating their steam using processes.  Chile is an expanding market with good future growth prospects that will be enhanced by our direct sales approach.

The total purchase consideration of 2.5 billion Chilean Pesos (£3.3 million) will be met from existing Group resources and will be paid over the next 12 months against performance conditions being met.  The transaction is expected to make an immediate small positive contribution to Group earnings.

Enquiries:

Mark E Vernon, Chief Executive

David Meredith, Director Finance

Tel: [phone]

About Spirax Sarco

Spirax-Sarco Engineering plc is the world leader in both steam system management and peristaltic pumping.  The Company provides a broad range of fluid control products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers.  The Company helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations.  Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 4,700 people, of whom around 1,300 are direct sales and service engineers.  Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX).  Further information can be found at www.spiraxsarcoengineering.com 

 

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