Spirax-Sarco Engineering plc (Spirax Sarco), which specialises in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies, announces that it has signed a conditional sale and purchase agreement to acquire Gestra AG and associated businesses (Gestra) from Flowserve Corporation for a cash-free, debt-free consideration of €186 million (£160 million).
Gestra, which has its headquarters in Bremen, Germany, is a technology leader in advanced industrial boiler control systems and specialises in the design and production of valves and control systems for steam and fluid process control.
In 2016, Gestra recorded revenues of €92.5 million (£79.7 million), EBITDA of €16.6 million (£14.3 million) and EBIT of €15.2 million (£13.1 million). Approximately 80% of the company’s revenues are in Europe with the balance spread roughly evenly between the Americas and Asia Pacific.
To read the full article click here
