Spirax-Sarco to acquire US-based Durex International

Manufacturing firm Spirax-Sarco Engineering has agreed to acquire US custom electric thermal solutions specialist Durex International in a deal valued at $342.2m.

Spirax-Sarco said on Wednesday that it will acquire the group on a cash and debt free basis, with the transaction to be financed through acquisition bank facilities.

The FTSE 250-listed group added that the addition of Durex will be accretive to earnings in 2023, thanks to the business' "strong track record" of top-line growth and profitability.

Upon completion of the acquisition, expected to take place in October 2022, Durex will form part of the group's electric thermal solutions business - which comprises Chromalox, Thermocoax, and shortly Vulcanic.

Chief executive Nicholas Anderson said: "We are excited about this opportunity to further strengthen our ETS business and look forward to welcoming colleagues from Durex into our group."

Reporting by Iain Gilbert at Sharecast.com