Last checked at 28 Sep 2015 14:00
28th September 2015
Spirax Sarco acquires steam distribution business in Colombia
Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies, announces the purchase of the steam distribution business from our Colombian distributor, Casaval S.A., for a cash consideration of £6.5 million on a debt free, cash free basis.
Colombia is an attractive market, with a broad base of steam using industries. Casaval S.A., which has represented Spirax Sarco for over 20 years, has delivered strong growth and established a good presence in the market for the Spirax Sarco brand. Our new local operating company, Spirax-Sarco Colombia S.A.S., will capitalise on the good growth opportunities for industrial and commercial steam systems, products and solutions in Colombia. Our newly expanded direct sales team will provide technical and engineering support to customers, and advice on energy efficiency, productivity and safety of customers' steam systems.
In addition to further developing the attractive market in Colombia, our new operation will form a strategically important hub for the expansion of our business in Northern Latin America.
The purchase consideration was paid on closing from existing debt facilities and we expect that the business will make an immediate small contribution to Group earnings.
Enquiries:
David Meredith, Director Finance
Tel: 01242 535234
About Spirax Sarco
Spirax-Sarco Engineering plc is the world leader in each of its two businesses, Spirax Sarco for steam specialties and Watson-Marlow Fluid Technology Group for niche peristaltic pumps and associated fluid path technologies. The steam specialties business provides a broad range of fluid control products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. The company helps its customers to improve production efficiency, reduce energy costs, water usage and emissions, improve product quality and enhance the safety of their operations. Watson-Marlow Fluid Technology Group offers the ideal solution 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, England, has strategically located manufacturing plants around the world and employs approximately 4,800 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