CORRECT: Spirax-Sarco Engineering Unit Buys Assets For GBP2.1M

7th Jul 2010 12:09

("Spirax-Sarco Engng Unit Buys Assets For GBP2.2M," published at 1038 GMT, misstated acquisition value in the headline and first paragraph. The correction derives from the company. The correct version follows:) LONDON (Dow Jones)--Spirax-Sarco Engineering Plc (SPX.LN), an engineering company, announced Wednesday 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 Pumps or WMP products in Australia and New Zealand for A$3.8 million (GBP2.1 million). MAIN FACTS: -This will be paid in installments during the next three months from existing Group resources. -The company expects the transaction to make a small positive contribution to Group earnings in the second half of 2010. -The existing distribution agreement has given WMP a good share of the important mining market in Australia, which it now expects to grow further. -The acquisition will also enable WMP 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 WMP products have transferred to Watson-Marlow Pty. -Shares at 1036 GMT down 3 pence, or 0.21%, at 1443 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 07, 2010 07:09 ET (11:09 GMT)