Spirax-Sarco buys Japanese pump manufacturing business for £2.8m

2nd Jul 2015 10:39

Spirax-Sarco Engineering has acquired the MasoSine sinusoidal pump manufacturing and distribution business from PRIMIX Corp, Japan, for £2.8m.The purchase consideration excludes any cash or debt balances and will be financed from the group's existing cash resources.The acquisition, confirmed on Thursday, is expected to provide an immediate albeit small benefit to the company's earnings per share.The acquired business will operate as a new company, Watson-Marlow Co, within Spirax's Watson Fluid Technology Group, and will provide WM FTG with a direct sales presence in the Japanese market for the first time."This will strengthen the level of service and support available to WMFTG customers in the significant Japanese food and beverage and industrial process markets, and provide a platform for future growth in this important market," the company said.At 1052 BST, the company's shares were down 0.3% at 3,383p.