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Spirax-Sarco Engineering In Negotiations To Acquire Thermocoax - Quick Facts

Spirax-Sarco Engineering plc (SPX.L) announced that it has entered into exclusive negotiations with a view to acquiring Thermocoax Developpement and all of its group companies (Thermocoax) from Chequers Capital, TCR Capital and other minority shareholders for a cash-free, debt-free consideration of 139 million pounds.

Thermocoax is headquartered near Paris, France and has three manufacturing facilities in Normandy, one in Georgia, USA and a further facility in Heidelberg, Germany. Spirax-Sarco Engineering anticipates that Thermocoax will become part of its Chromalox business and will significantly enhance the Group's electrical process heating business, especially in Europe.

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