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Birmingham Post
Birmingham Post
Business
Hannah Baker

FTSE-100 business Spirax-Sarco completes acquisition of Durex Industries for $342m

United States Durex Gloucestershire

FTSE-100 engineering firm Spirax-Sarco has completed its acquisition of electric heater and temperature sensor business Durex Industries, it has confirmed.

The Cheltenham-headquarted company, which has been listed on the London Stock Exchange since 1959, previously announced the agreement to buy US-based Durex - a privately-owned specialist of custom electric thermal solutions - in September. The acquisition consideration is $342.2m (£281.8m) on a cash and debt-free basis.

Durex Industries recorded revenues of $61.7m for the year ended December 31, 2021, while its earnings before interest, tax, depreciation and amortisation (EBITDA) was $18.7m. For the 12 months to August 31 this year, revenues at the US firm were $74.5m and EBITDA was $25.3m.

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