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Spirax-Sarco Engineering PLC on Thursday confirmed the completion of its acquisition of Durex International Corp, a US-based specialist in custom electric thermal solutions for ultra-high criticality equipment also known as Durex Industries.
The thermal energy management and pumping company bought Durex Industries for a total of $342.2 million on a cash and debt free basis. Durex Industries is now part of Spirax-Sarco’s Electric Thermal Solutions business, which has 18 manufacturing facilities globally and around 2,700 employees.
In the twelve months that ended August 31, Durex Industries recorded revenue of $74.5 million. Earnings before interest, taxation, depreciation and amortisation were at $25.3 million.
In September, Spirax said the acquisition aimed to help to strengthen its coverage of global markets and end-market sectors.
Spirax-Sarco shares were 1.4% higher at 11,360.00 pence each in London on Thursday morning.
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