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Spirax-Sarco to acquire Chromalox for $415m

26 May 2017 07:17

Spirax-Sarco Engineering has signed an agreement to acquire Chromalox Inc. from Irving Place Capital for a cash-free, debt-free consideration of $415m.

Chromalox was a well-established US based provider of electrical products, systems and solutions for industrial process heating and temperature management.

It said that Chromalox was closely related to the Spirax Sarco Steam Specialties business in delivering thermal energy management solutions to its customers through a primarily direct sales channel.

Chromalox was also highly complementary to the Steam Specialties business, with the decision between using steam or electricity as a heating medium being driven by differing needs of the application or customer circumstances.

"As a result, Chromalox will expand our total addressable market by £2.1bn to £7.9bn. It will form part of the Spirax Sarco business group and be reported as a separate segment within that business."

Story provided by StockMarketWire.com

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