May 26 Britain's Spirax-Sarco Engineering Plc
said it had agreed to buy Pittsburgh-based thermal
technology company Chromalox Inc from private equity firm Irving
Place Capital for $415 million on a cash-free, debt-free basis.
Spirax-Sarco, which makes steam traps and pumps for
industries such as food and beverage, healthcare, chemical and
power generation, said the purchase consideration would be
financed from new debt facilities supplied by its existing
Chromalox will bring thermal energy management solutions to
Spirax's customers, the British firm said, adding it would
expand Spirax's total addressable market by 2.1 billion pounds
to 7.9 billion pounds.
"We will invest in Chromalox to strengthen its direct sales
channels globally; leverage our worldwide footprint to grow
Chromalox's presence outside of its core markets in the USA,"
Spirax-Sarco said in a statement on Friday.
Completion of the deal is subject to a nod from the U.S.
merger control authority, Spirax said, adding that the
conditions are expected to be satisfied during its current
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by