Skip navigation

Gloucestershire Business News

£139 million takeover deal in the offing

A major takeover deal involving one of Gloucestershire's biggest companies is in the pipeline, according to the firm.

The Cheltenham engineering business has revealed it is in talks to buy French-owned Thermocoax from its current owners - for "a cash-free, debt-free consideration" of £139 million (€158 million).

A deal would add to further Spirax Sarco's portfolio and further strengthen its position in Europe and America, where Paris-headquartered Thermocoax already has manufacturing facilities.

Nicholas Anderson, group chief executive of Spirax Sarco Engineering plc, said: "The combination of Thermocoax and Chromalox will significantly strengthen our electrical thermal energy solutions presence in Europe while expanding our technology and product offering worldwide.

"We believe that the global Spirax Sarco footprint will allow both businesses to expand more rapidly into new geographic areas providing sustainable value creation for customers and shareholders."

Spirax Sarco Engineering plc, is described as "a world leader in the control and efficient use of steam, electrical thermal energy solutions and peristaltic pumping and associated fluid path technologies".

Thermocoax is a leading designer and manufacturer of highly engineered electrical thermal solutions for critical applications in high added value industries.

Its core technology is mineral insulated (MI) cable, a product described as "extremely robust" and "highly resistant to extreme environments" such as high temperatures, pressures, vibration and radiation.

Thermocoax has three manufacturing facilities in Normandy, one in Heidelberg, Germany, and one in Georgia, USA.

Spirax Sarco, which employs an estimated 1,100 staff in Gloucestershire, said the deal would "significantly enhance our electrical process heating business, especially in Europe" and "strengthen our market position".

Thermocoax's gross assets were valued at €94.6 million (£83.0 million).

Subscribe to Punchline

Related Articles

Ownership of Eastgate Shopping Centre transfers to Austrian bank Image

Ownership of Eastgate Shopping Centre transfers to Austrian bank

Austrian bank BAWAG takes control of the Tiger Portfolio of shopping centres from a US private equity fund

Punchline (joint) top of the pile in Cummings County Quiz Image

Punchline (joint) top of the pile in Cummings County Quiz

We have joined Marketing Gloucester on top of the leaderboard in the quiz to find the brainiest business in Gloucestershire.

Bid for world land speed record to be driven from Gloucestershire Image

Bid for world land speed record to be driven from Gloucestershire

The quest to break the world land speed record will be driven from the South Gloucestershire College and Stroud College campus in Berkeley.

New business unveils multi-million pound headquarters Image

New business unveils multi-million pound headquarters

A new company is about to launch from a purpose built headquarters at Staverton following a multi-million pound investment.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.