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Spirax-Sarco Engineering PLC on Friday confirmed its acquisition of the Vulcanic Group of Companies.
The Cheltenham-based thermal energy management and pumping systems company announced its intention to buy Vulcanic back in July. Vulcanic is a Paris-based industrial heating group.
Spirax-Sarco agreed to pay €261.7 million on a cash and debt free basis, meaning Spirax-Sarco will not assume either Vulcanic's debt or its excess cash.
In the year ending December 31, Vulcanic's revenue was €89.4 million while it had an earnings before interest, tax, depreciation and amortisation of €17.6 million.
On Wednesday, Spirax-Sarco announced the acquisition of Durex International Corp., a privately-owned US specialist in electric thermal solutions for industrial equipment. Vulcanic and Durex will form part of Spirax-Sarco's electric thermal solutions business together adding 1,100 employees and helping to strengthen its coverage of global markets and end-market sectors.
Shares in Spirax-Sarco were trading 1.0% lower at 10,160.00 pence each on Friday morning.
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