Spirax-Sarco Regulatory News (SPX)

News Release

20th July 2018

Executive Director Promotion

Strengthening of senior management team

Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, electrical thermal energy solutions, peristaltic pumping and associated fluid path technologies, is pleased to announce the following changes designed to strengthen the senior management team and support the continued development of the Group's successful businesses.

Neil Daws, Executive Director and Divisional Director currently responsible for the Group's Spirax Sarco Steam Specialties operations in Europe, Middle East and Africa (EMEA), is promoted to the position of Managing Director Steam Specialties Business, with effect from 1st September 2018. Neil will be responsible for all the Steam Specialties business worldwide, including Gestra, and will continue to report to the Group Chief Executive, Nicholas Anderson.

As a consequence of Neil's promotion, Sean Clay will join the Group on 30th July 2018 and assume the position of Divisional Director Spirax Sarco EMEA, with effect from 1st September 2018. Sean joins from Honeywell Group, the global Fortune 100 software-industrial company, where, over the last 14 years, he has held a number of roles with full P&L responsibility for international commercial and industrial businesses with revenues ranging from US$50 million to over US$1 billion. Sean will be based in Cheltenham and report to Neil Daws, holding an important role within the Steam Specialties' Executive team.

Commenting on Neil's and Sean's appointments, Nicholas Anderson, Group Chief Executive, said:

"The Spirax Sarco Group has grown considerably in recent years, both organically and through acquisitions. The integration of Aflex, Gestra and Chromalox, combined with continued growth of the core Spirax Sarco and Watson-Marlow businesses, has created a group with over £1 billion revenue and c. 7,400 employees.

Historically, Group Chief Executives have also occupied the position of Managing Director Steam Specialties Business. The Group's evolution in size and complexity makes this the right time to formally separate the two roles and put in place the appropriate organisational structure that will better support our Group's continued growth. Neil is extremely well qualified to take on his additional responsibility and I am delighted that he has agreed to this new challenge.

This appointment will allow me to spend more time on medium and longer term growth opportunities, including the further development of our Watson-Marlow and Chromalox businesses.

We also welcome Sean Clay to the Group. His considerable experience of international business operations and sales management will strengthen and enhance our senior management team.

Both of these appointments will promote our evolution as an organisation, enabling us to remain agile and responsive to the market opportunities ahead."

As a result of Neil Daws' additional responsibilities in this new role, his compensation has been reviewed by the Remuneration Committee. Neil's base salary will be increased by 10%, with all other elements of his current compensation remaining unchanged. This increase is compliant with the Group's 2017 Remuneration Policy.

There are no further disclosures to be made pursuant to Listing Rule 9.6.11.

Notes to Editors:

Biography of Neil Daws

Neil Daws, CEng, FIMechE, joined the Group in 1978 and held positions in manufacturing and design engineering prior to being named as UK Supply Director. Neil later held responsibility for Asia Pacific, Latin America and the Group's Supply operations, including the Group's Environmental Health and Safety matters. Neil was appointed to the Board in June 2003 and since September 2013, held the position of Divisional Director for Spirax Sarco EMEA.

Biography of Sean Clay

Sean joins Spirax Sarco from Honeywell Group, the global Fortune 100 software-industrial company, where, over the last 14 years, he held a number of roles with full P&L responsibility for commercial and industrial businesses with revenues ranging from US$50 million to over US$1 billion. Most recently, Sean was Chief Marketing Officer Honeywell Productivity Products and, prior to that, was President of Safety and Productivity Solutions, Europe. Sean holds a degree in Mechanical Engineering and Engineering Management, an MBA from the Cranfield School of Management (UK) and is a Chartered Fellow of the Institute of Directors (UK).

Enquiries:

Nicholas Anderson, Group Chief Executive

Tel: 01242 535234

Andy Robson, General Counsel

Tel: 01242 535276

Spirax-Sarco Engineering plc comprises two world-leading businesses, Spirax Sarco for steam and electrical thermal energy solutions and Watson-Marlow Fluid Technology Group for niche peristaltic pumps and associated fluid path technologies. Spirax Sarco provides 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. The business helps its end users 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 7,400 people, of whom over 1,600 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 

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