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Spirax Sarco Buys Business/Assets Of Chilean Distributor For £3.3 Mln

Spirax-Sarco Engineering plc (SPX.L) said that, through its newly formed subsidiary company Spirax-Sarco Chile Limitada, it has acquired the business and assets of the steam speciality business of Termodinámica Limitada, based in Santiago, Chile. The total consideration of 2.5 billion Chilean Pesos or 3.3 million pounds would be met from existing Group resources and would be paid over the next year against performance conditions being met. The transaction is likely to make an immediate small positive contribution to Group earnings.

Termodinámica is Spirax Sarco's exclusive distributor for Chile and has during the last 40 years grown the Group's sales in this emerging industrial market. Spirax Chile, with the increased technical and market development that would now be provided, would be well positioned to assist its customers to improve the costs and environmental impacts of operating their steam using processes.

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