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Gloucestershire Business News

Spirax-Sarco completes acquisition of US corporation

Cheltenham-based Spirax-Sarco Engineering plc, the thermal energy management and niche pumping specialist, has completed its acquisition of Durex International Corporation (Durex Industries).

Durex Industries is a privately-owned US based specialist in custom electric thermal solutions for ultra-high criticality equipment.

The signature of a definitive agreement to purchase Durex Industries was previously announced on September 28th.

The acquisition consideration is US$342.2 million on a cash and debt free basis. In the year ended 31st December 2021, Durex Industries recorded revenues of US$61.7 million, EBITDA was US$18.7 million and EBIT was US$17.1 million. For the 12 months to 31st August 2022, revenues were US$74.5 million, EBITDA was US$25.3 million and EBIT was US$23.5 million.

Durex Industries is now part of the group's Electric Thermal Solutions Business (ETS) which comprises Chromalox, Thermocoax and Vulcanic.

Chromalox and Vulcanic are the lead brands for electric heating solutions for critical applications of industrial processes, including the decarbonisation of those processes.

Thermocoax and Durex Industries are the lead brands of ultra-critical electric heating solutions for industrial equipment.

Nicholas Anderson, group chief executive of Spirax-Sarco Engineering plc, said in September: "We are excited about this opportunity to further strengthen our ETS Business and look forward to welcoming colleagues from Durex into our group.

"We have great respect and admiration for Durex that has grown and developed under the skilful leadership of Ed Hinz, who founded the business over 40 years ago.

"Ed's impending retirement provided an excellent opportunity for us to broaden our capabilities in key target sectors, accelerating the development of our ETS business in line with our long-term plans."

ETS now comprises around 2,700 colleagues and is served by 18 manufacturing facilities worldwide.

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