Spirax Sarco completes acquisition of Durex Industries

By Nicky Godding

2 December 2022

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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.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.