Spirax-Sarco Engineering plc (LON:SPC), the thermal energy management and niche pumping specialist, has confirmed the completion of its acquisition of Durex International Corporation (Durex Industries), following the satisfaction of all conditions precedent. 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 28th September 2022.
As previously reported, 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 Spirax-Sarco Engineering’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.
ETS now comprises around 2,700 colleagues and is served by 18 manufacturing facilities worldwide.