Spirax-Sarco Engng Acquisition - Replacement Announcement

7th Jul 2010 11:59

TIDMSPX RNS Number : 9709O Spirax-Sarco Engineering PLC 07 July 2010 ? +-----------------------------------------------+--------------------------------+ | Spirax-Sarco Engineering plc | | | | Charlton House | | | Cheltenham | | | Glos. GL53 8ER | | | | +-----------------------------------------------+--------------------------------+ | News Release | | | | Telephone: 01242 | | | 521361 | | | Fax: 01242 | | | 581470 | | | www.SpiraxSarcoEngineering.com | +-----------------------------------------------+--------------------------------+ 7th July 2010 The following replaces the 'Acquisition' announcement released on 7th July 2010 at 11.32 under RNS No 96820. As previously released the announcement contained elements of draft text and draft figures. The full amended text is shown below. Spirax Sarco acquires Watson-Marlow and Bredel Pumps distribution business in Australia and New Zealand for up to GBP2.1 million Spirax-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. The 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. The maximum purchase consideration is A$3.8 million (GBP2.1 million), of which A$2.2 million (GBP1.2 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. About Spirax Sarco Spirax-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 approximately 4,400 people, of whom 1,200 are direct sales and service engineers. Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX). Further information can be found at www.spiraxsarcoengineering.com. Contact details: Mark Vernon - Chief Executive David Meredith - Director Finance Spirax-Sarco Engineering plc Charlton House Cheltenham Gloucestershire GL53 8ER Tel: 01242 535234 Fax: 01242 581470 www.SpiraxSarcoEngineering.com This information is provided by RNS The company news service from the London Stock Exchange END ACQBGGDRDUGBGGR (END) Dow Jones Newswires July 07, 2010 06:59 ET (10:59 GMT)