Spirax-Sarco Engineering acquires steam business of PT Petrolog

30th Aug 2013 10:40

Spirax-Sarco Engineering has acquired the steam speciality business and assets of PT Petrolog MUM, based in Jakarta, Indonesia.Petrolog is Spirax-Sarco's main distributor in the Java region of Indonesia and has helped to grow sales in the emerging market for the past 23 years. "Indonesia is an expanding market with good future growth prospects that will be enhanced by our direct sales approach," Spirax-Sarco said in a statement. "Spirax Indonesia will be well positioned to assist its customers to improve the costs and environmental impacts of operating their steam systems." The group is buying Petrolog for £1.6m using existing resources, with £0.9m to be paid on successful completion of the business transfer and the rest to be paid over the next five years. The acquisition is expected to contribute to group earnings from 2014 onwards.Shares in Spirax-Sarco were down 0.87% to 10:46 on Friday.