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Spirax-Sarco acquires steam distribution business
StockMarketWire.com
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Spirax-Sarco Engineering, the world leader in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies, has announced the purchase of the steam distribution business from its Colombian distributor, Casaval S.A., for a cash consideration of £6.5 million on a debt free, cash free basis.
The company said:
"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."
At 2:12pm: (LON:SPX) SpiraxSarco Engineering PLC share price was +6p at 2827p
Story provided by StockMarketWire.com
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