Valve and pump manufacturer Spirax-Sarco Engineering has confirmed it is in "exclusive negotiations" with a French private equity firm to buy an electrical heating group of companies for €261.7m (£225.5m)
The Cheltenham-based FTSE 100 business is in talks with Qualium to acquire the Vulcanic Group on a cash and debt-free basis, subject to customary closing adjustments.
Vulcanic is a European industrial electric heating group, established in 1973 and headquartered in Paris, and is the largest supplier in Europe of bespoke industrial electric heating solutions. It has 10 manufacturing facilities worldwide and more than 700 employees, of whom almost 90% are based in the Europe, the Middle East and Africa (EMEA) region.
