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Pin to quick picksSpirax-Sarco Share News (SPX)

Share Price Information for Spirax-Sarco (SPX)

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Share Price: 8,805.00
Bid: 8,840.00
Ask: 8,845.00
Change: -50.00 (-0.56%)
Spread: 5.00 (0.057%)
Open: 8,865.00
High: 8,895.00
Low: 8,805.00
Prev. Close: 8,855.00
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Spirax-Sarco to acquire US-based Durex International

Wed, 28th Sep 2022 07:10

(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

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