Business
Acquisition - Replacement Ann
Acquisition - Replacement Ann.
About this update from Spirax Group Plc.
[{"type":"text","content":"\n RNS Number : 9709O Spirax-Sarco Engineering PLC 07 July 2010 \n \n\n \n\n\n\n\n \nSpirax-Sarco Engineering plc\n\n\n \nCharlton House\nCheltenham\nGlos. GL53 8ER\n \n\n\n\n\n \nNews Release\n \n\n\n \nTelephone: 01242 521361\nFax: 01242 581470\nwww.SpiraxSarcoEngineering.com\n\n\n\n\n \n 7th July 2010\n \n \nThe following replaces the 'Acquisition' announcement released on 7th July 2010 at 11.32 under RNS No 96820.\n \nAs previously released the announcement contained elements of draft text and draft figures.\n \nThe full amended text is shown below.\n \n \nSpirax Sarco acquires Watson-Marlow and Bredel Pumps distribution business in Australia and New Zealand for up to £2.1 million \n \nSpirax-Sarco Engineering plc announces that, through its subsidiary company Watson-Marlow Pty, it has acquired from its local distributor the business assets and goodwill relating to the exclusive sale of Watson-Marlow and Bredel Pumps (\"WMB\") products in Australia and New Zealand.\n \nThe existing distribution agreement has given WMB a good share of the important mining market in Australia, which it now expects to grow further. The acquisition will also enable WMB to provide a stronger focus on the pharmaceutical and food and beverage markets in Australia and New Zealand. The staff responsible for the distribution of WMB products have transferred to Watson-Marlow Pty.\n \nThe maximum purchase consideration is A$3.8 million (£2.1 million), of which A$2.2 million (£1.2 million) was paid on 30th June 2010 with the balance payable within three months. We expect the transaction to make a small positive contribution to Group earnings in the second half of 2010.\n \nAbout Spirax Sarco\nSpirax-Sarco Engineering plc provides a broad range of fluid control and pumping products, engineered packages, site services and systems expertise for its diverse range of over 100,000 industrial and institutional customers. The Group helps its customers to optimise production capacity, reduce energy costs and emissions, improve product quality and enhance the safety of their operations. Spirax Sarco is headquartered in Cheltenham, England, has strategically located manufacturing plants around the world and employs appr...