Last checked at 30 Aug 2013 08:00
Friday 30th August 2013
Spirax Sarco acquires the Steam Business of its
main Indonesian Distributor for total consideration of £1.6 million
Spirax-Sarco Engineering plc announces that, through its newly formed subsidiary company, PT Spirax‑Sarco Indonesia ("Spirax Indonesia"), it has acquired the steam speciality business and assets of PT Petrolog MUM ("Petrolog"), based in Jakarta, Indonesia.
Petrolog is Spirax Sarco's distributor in the Java region of Indonesia and has, during the last 23 years, grown the Group's sales in this emerging industrial market. Indonesia is an expanding market with good future growth prospects that will be enhanced by our direct sales approach. Spirax Indonesia will be well positioned to assist its customers to improve the costs and environmental impacts of operating their steam systems. We expect that Spirax Indonesia will start trading by 1st January 2014 following a short transition period.
The total purchase consideration of £1.6 million will be met from existing Group resources. £0.9 million will be paid on successful completion of the business transfer and the balance paid, subject to conditions being met, over the next five years. The acquisition is expected to contribute to group earnings from 2014 onwards.
Enquiries:
Mark E Vernon, Chief Executive
David Meredith, Director Finance
Tel: 01242 535234
About Spirax Sarco
Spirax-Sarco Engineering plc is the world leader in both steam system management and peristaltic pumping. The Company provides a broad range of fluid control products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers. The Company helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations. Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs approximately 4,700 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