Spirax-Sarco Share News (SPX)

(Alliance News) - Spirax-Sarco Engineering PLC on Monday said it has acquired energy consulting firm Cotopaxi Ltd from Beijing-based Business Intelligence of Oriental Nations Corp Ltd.

The Cheltenham, England-based manufacturer of steam systems said that, of the total GBP13.3 million consideration, GBP12.8 million will be on a cash and debt-free basis.

Spirax-Sarco said the transaction will be funded from its cash resources.

Cotopaxi will be integrated within the company's Steam Specialties business which serves industrial steam customers.

Spriax-Sacro explained that Cotopaxi's digital experience in steam installations will help accelerate the Steam Specialties business' objective to connect to its customers' steam systems and analyse its data.

Cotopaxi was established in 2009 and is based in Skelmersdale, England. Cotopaxi's software platform generates insights which are used to help its industrial customers reduce waste and drive efficiencies in their operations, Spirax-Sacro explained.

In 2020, Cotopaxi reported revenue of GBP2.2 million. Its pre-pandemic revenue was GBP4.8 million.

Chief Executive Nicholas Anderson said: "The business is an excellent strategic fit for us, as we are both focused on improving the efficiency and sustainability of industrial steam use. The software, platforms and experience they bring, together with the insights derived from over a decade of data analysis, will be a key accelerator for the digitally enabled customer solutions we offer in our Steam Specialties business."

Spirax-Sarco shares were down 1.9% at 12,790.00 pence early Monday in London.

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.