Completion of the Acquisition of Durex IndustriesSource: RNS
1st December 2022
Completion of the acquisition of Durex Industries
Spirax-Sarco Engineering plc, the thermal energy management and niche pumping specialist, is pleased to confirm the completion of its acquisition of Durex International Corporation (Durex Industries), following the satisfaction of all conditions precedent. Durex Industries is a privately-owned US based specialist in custom electric thermal solutions for ultra-high criticality equipment. The signature of a definitive agreement to purchase Durex Industries was previously announced on 28th September 2022.
As previously reported, the acquisition consideration is US$342.2 million on a cash and debt free basis. In the year ended 31st December 2021, Durex Industries recorded revenues of US$61.7 million, EBITDA was US$18.7 million and EBIT was US$17.1 million. For the 12 months to 31st August 2022, revenues were US$74.5 million, EBITDA was US$25.3 million and EBIT was US$23.5 million.
Durex Industries is now part of the Group's Electric Thermal Solutions Business (ETS) which comprises Chromalox, Thermocoax and Vulcanic. Chromalox and Vulcanic are the lead brands for electric heating solutions for critical applications of industrial processes, including the decarbonisation of those processes. Thermocoax and Durex Industries are the lead brands of ultra-critical electric heating solutions for industrial equipment.
ETS now comprises around 2,700 colleagues and is served by 18 manufacturing facilities worldwide.
Nicholas Anderson, Group Chief Executive
Nimesh Patel, Chief Financial Officer
About Spirax‐Sarco Engineering plc
Spirax‐Sarco Engineering plc is a thermal energy management and niche pumping specialist. It comprises three world‐leading Businesses: Steam Specialties, for the control and management of steam; Electric Thermal Solutions, for advanced electrical process heating and temperature management solutions; and Watson-Marlow, for peristaltic pumping and associated fluid path technologies. The Steam Specialties and Electric Thermal Solutions Businesses provide a broad range of fluid control and electrical process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. Both Businesses help their end users to improve production efficiency, meet their environmental sustainability targets, improve product quality and enhance the safety of their operations. Watson‐Marlow provides solutions for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance-free pumps and associated technologies.
The Group is headquartered in Cheltenham, UK, has strategically located manufacturing plants around the world and employs over 10,000 people, including more than 2,000 direct sales and service engineers. The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and it is a constituent of the FTSE 100 and the FTSE4Good indices.
Further information can be found at www.spiraxsarcoengineering.com