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Spirax-Sarco makes acquisition in Japan
StockMarketWire.com
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Spirax-Sarco Engineering, which specialises in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies, has acquired the MasoSine® sinusoidal pump manufacturing and distribution business from PRIMIX Corporation in Japan for £2.8m.
The acquired business will operate as a new company, Watson-Marlow, within the Watson-Marlow Fluid Technology Group (WMFTG) and will provide WMFTG with a direct sales presence in the Japanese market for the first time.
Spirax-Sarco believe this will strengthen the level of service and support available to WMFTG customers in the significant Japanese food and beverage and industrial process markets, and provide a platform for future growth in this important market.
The purchase consideration excludes any cash or debt balances and will be financed from the Group's existing cash resources. The acquisition is expected to provide an immediate small benefit to Group earnings per share.
At 10:54am: (LON:SPX) SpiraxSarco Engineering PLC share price was -10.5p at 3382.5p
Story provided by StockMarketWire.com
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