Spirax-Sarco acquires Chromalox for USD $415M

Spirax Sarco, a U.S. based provider of electrical products, systems and solutions for industrial process heating and temperature management, is buying Chromalox, Inc. from Irving Place Capital for $415 million.

Completion is subject to regulatory approval of the transaction by the merger control authority in the U.S. These conditions are expected to be satisfied during the current quarter. It will form part of the Spirax Sarco business group and be reported as a separate segment within that business.

Spirax-Sarco, which specializes in the control and efficient use of steam, said the purchase consideration will be financed from new debt facilities supplied by its existing banks.

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