Spirax-Sarco Engineering PLC
09 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 products
for the control and efficient use of steam and other industrial fluids
worldwide.
The Group announces it has acquired the entire issued share capital of Actuators
and Controls (Pty) Limited and Proportional Control Technology (Pty) Limited,
manufacturers of the Mitech range of specialist control valves and actuators for
steam and high pressure industrial processes and the PCT range of control
instrumentation. Both companies are based in Johannesburg, South Africa. The
Mitech and PCT ranges, which will continue to be manufactured in South Africa,
complement Spirax Sarco's existing range of control and instrumentation
products.
Through its subsidiary, Spirax-Sarco South Africa (Pty) Limited, Spirax Sarco
has an established presence in the South African market which will be used to
promote the Mitech and PCT ranges to a broader customer base.
The purchase consideration, which is payable in cash from existing resources, is
R28.9 million (£2.3 million) and will be adjusted to reflect net cash of the
acquired companies and is subject to a minimum level of net tangible assets of
those companies.
Contact details
Marcus Steel - Chief Executive
David Meredith - Director Finance
Spirax-Sarco Engineering plc
Charlton House
Cheltenham
Glos.
GL53 8ER
Tel: 01242 521361
Fax: 01242 581470
This information is provided by RNS
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