Completion of the acquisition of Vulcanic

RNS Number : 2484B
Spirax-Sarco Engineering PLC
30 September 2022


News Release


30th September 2022

Completion of the acquisition of Vulcanic

Spirax-Sarco Engineering plc, the thermal energy management and niche pumping specialist, is pleased to confirm the completion of its acquisition of the Vulcanic Group of Companies (Vulcanic).  The intent to acquire was announced on 4th July 2022 and an update on the signing of a binding definitive agreement was provided on 25th July 2022.


As previously reported, the acquisition consideration was €261.7 million on a cash and debt free basis. In the year ended 31st December 2021, Vulcanic recorded revenues of €89.4 million, EBITDA of €17.6 million and EBIT of €16.0 million on an adjusted pro-forma basis and including the full year performance of EML, a small acquisition made by Vulcanic in December 2021.  For the 12 months to 31st August 2022 and on a comparable basis, revenues were €99.9 million, EBITDA was €19.9 million and EBIT was €17.8 million.


Earlier this week, on Wednesday 28th September, the Group also announced the acquisition of Durex International Corporation (Durex), a privately-owned US-based specialist of custom electric thermal solutions for ultra-high criticality industrial equipment.


Vulcanic and Durex will form part of the Group's Electric Thermal Solutions Business (ETS), adding more than 1,100 colleagues and strengthening ETS' coverage of attractive end-market sectors and geographies to accelerate growth.


ETS will serve the market through multiple brands, supported by regional manufacturing capability from 20 facilities worldwide.  Chromalox and Vulcanic will be the lead brands for electric heating solutions for critical applications of industrial processes, including the decarbonisation of those processes.  Thermocoax and Durex will be the lead brands of ultra-critical electric heating solutions for industrial equipment. 




Nicholas Anderson, Group Chief Executive

Andrew Guthrie, Head of Investor Relations



About Spirax‐Sarco Engineering plc

Spirax‐Sarco Engineering plc is a thermal energy management and niche pumping specialist.  It comprises three world‐leading Businesses: Steam Specialties, for the control and management of steam; Electric Thermal Solutions, for advanced electrical process heating and temperature management solutions; and Watson-Marlow, for peristaltic pumping and associated fluid path technologies. The Steam Specialties and Electric Thermal Solutions Businesses provide a broad range of fluid control and electrical process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers.  Both Businesses help their end users to improve production efficiency, meet their environmental sustainability targets, improve product quality and enhance the safety of their operations.  Watson‐Marlow provides solutions for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance-free pumps and associated technologies.


The Group is headquartered in Cheltenham, UK, has strategically located manufacturing plants around the world and employs more than 9,200 people, including more than 2,000 direct sales and service engineers.  The Company's shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and it is a constituent of the FTSE 100 and the FTSE4Good indices.



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