Sale nets Gloucestershire business £50-million-plus windfall
By Andrew Merrell | 3rd December 2018
One of Gloucestershire's biggest employers has sold off part of its business - and pocketed a cool £52.3 million.
The Cheltenham-headquartered firm sold its German business HygroMatik to Italian firm Carel Industries S.p.A.
All of which leaves Spirax‐Sarco Engineering plc, a world leader in steam engineering, electrical thermal energy solutions, among other things, with €59.0 million in cash (£52.3 million) on a debt free, cash free basis.
HygroMatik, which is headquartered near Hamburg , is one of the leading manufacturers and brands in premium commercial and industrial air humidification equipment in Europe with a strong position in the public buildings, spa and wellness sectors.
Nicholas Anderson, group chief executive of Spirax‐Sarco Engineering plc, which employs an estimated 800 in Cheltnham and more around the world, said: "HygroMatik is a high quality company and has been an excellent member of the group for the last 30 years.
"I am delighted that they will now join Carel, where the better strategic fit should enable even stronger performance. I would like to thank all the HygroMatik employees for their dedication and contributions, wishing them continued success with their new owners."
HygroMatik came under the wing of Spirax Sarco in 1988. According to the firm while it was not able to integrated it into its core operations it nevertheless maintained "excellent profitability".
In the year ended December 31, 2017, HygroMatik's sales were £13.0 million, EBITDA was £4.1million and operating profit was £3.9 million.
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