Spirax Sarco completes acquisition of Durex Industries
Spirax-Sarco Engineering plc, the Cheltenham-headquartered thermal energy management and niche pumping specialist, is pleased to confirm the completion of its acquisition of Durex International Corporation (Durex Industries).
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 $342.2 million on a cash and debt free basis. In the year ended 31st December 2021, Durex Industries recorded revenues of $61.7 million.
Durex Industries is now part of the Group'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.