Spirax-Sarco Engineering

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Spirax-Sarco Engineering plc
Company type Public
LSE :  SPX
FTSE 100 component
Industry Manufacturing
Founded 1888
Headquarters Cheltenham , England, UK
Key people
  • Jamie Pike (chair­person)  Edit this on Wikidata
  • Nimesh Patel (CEO)  Edit this on Wikidata
Revenue Increase ￡ 1,682.6 million (2023) [1]
Decrease ￡ 284.4 million (2023) [1]
Decrease ￡ 184.0 million (2023) [1]
Number of employees
10,400 (2024) [2]
Website www .spiraxsarcoengineering .com

Spirax-Sarco Engineering plc is a British manufacturer of steam management systems and peristaltic pumps and associated fluid path technologies. It is headquartered in Cheltenham , England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index .

History [ edit ]

Charlton House, Spirax-Sarco Engineering's head office in Cheltenham

The Company was founded by Herman Sanders in 1888 and after a Mr Rehders joined the business, established as Sa nders, R ehders & Co . ('Sarco') in London importing thermostatic steam traps from Germany . [3] It started to manufacture steam traps in United Kingdom under the Spirax brand name in 1932 and was first listed on the London Stock Exchange in 1959. [4] In 1960 a range of self-acting pressure controls are introduced for the first time: then in 1963 it bought Drayton Controls , a control valve and instrumentation business. [5]

The company diversified into pump manufacturing in 1990 when it bought Watson-Marlow . [6] It acquired the Jucker Industrial Division , an Italian controls business, in 1993, [7] Bredel Hose Pumps , a business manufacturing high-pressure hose pumps, in 1996 [8] and M&M International , an Italian piston actuated and solenoid valve business in 2001. [9] In September 2005 it acquired Mitech Actuators & Controls and Proportional Control Technology , a pair of South African businesses making process controls. [10] Then later that year it bought EMCO Flow Systems , a metering business. [11]

The company acquired Intervalf , a Turkish operation, for ￡2.8m in 2009. [12] It completed a new facility in Shanghai , China in June 2010: the plant, designed as Spirax's regional headquarters, combines a factory, warehouse, and offices. [13]

In 2011 the Minister for UK Trade & Investment , Lord Green , opened the new Spirax Sarco facility in Saint Petersburg , Russia [14] and in May 2012 the Deputy Prime Minister, Nick Clegg visited Spirax Sarco’s manufacturing facility in Cheltenham , Gloucestershire. [15] In May 2012 there was a shareholder revolt after Spirax-Sarco paid a former Executive Director compensation of ￡783,660; the company compounded the problem by failing to inform the markets of the shareholder revolt as required by the Listing Rules . [16] Then in November 2012 the company bought Termodinamica , a distributor based in Santiago de Chile [17] and in February 2019 it bought Thermocoax, a US based business involved in the manufacture and supply of mineral insulated cable. [18]

In February 2024, the company announced its intention to rebrand as Spirax Group, subject to shareholder approval. [19]

Operations [ edit ]

The company has three main operations: (i) Steam Specialties, [20] (ii) Electric Thermal Solutions [18] and (iii) Watson-Marlow Fluid Technology Solutions. [21]

References [ edit ]

  1. ^ a b c "Preliminary Results 2023" . Spirax-Sarco Engineering . Retrieved 7 March 2024 .
  2. ^ "At a glance" . Spirax-Sarco Engineering . Retrieved 12 February 2024 .
  3. ^ "Top 100 Gloucestershire Companies" (PDF) . Westbusiness. July 2008.
  4. ^ "Stocks and prices" . londonstockexchange.com . Retrieved 1 April 2015 .
  5. ^ "Spirax-Sarco Engineering Fundamentals" . Financial Betting . Retrieved 1 April 2015 .
  6. ^ "Convergence Investment For Falmouth Pump Manufacturer" . Business Cornwall. 26 August 2008 . Retrieved 1 April 2015 .
  7. ^ "Spirax buys firms as profits rise" . The Independent . 2 April 1993. Archived from the original on 24 May 2022 . Retrieved 1 April 2015 .
  8. ^ "A brief history of pumps" . World Pumps . Retrieved 1 April 2015 .
  9. ^ "Acquisition of M&M International by Spirax Sarco" . Supply House Times. 10 January 2002. Archived from the original on 4 April 2015 . Retrieved 1 April 2015 .
  10. ^ "Local supplier prepares for big move" . Mining Weekly. 11 August 2006 . Retrieved 1 April 2015 .
  11. ^ "Spirax-Sarco acquires EMCO Flow Systems" . Plant Engineering. August 2005 . Retrieved 1 April 2015 .
  12. ^ "Spirax Sarco buys Turkish operation" . South West News . 8 April 2010 . Retrieved 1 April 2015 .
  13. ^ "How to Build a Factory and Distribution Centre in China" . rightsite.asia . Retrieved 1 April 2015 .
  14. ^ "UK Minister for Trade and Investment to attend St Petersburg International Economic Forum" . fco.gov.uk . Retrieved 1 April 2015 .
  15. ^ "Deputy Prime Minister praises Spirax Sarco's investment in UK manufacturing" . Process and Control. 8 May 2012 . Retrieved 1 April 2015 .
  16. ^ "Spirax fails to tell markets of investor rebellion" . The Telegraph. 24 May 2012 . Retrieved 1 April 2015 .
  17. ^ "Spirax Sarco Buys Business/Assets Of Chilean Distributor For ￡3.3 Mln" . RTT News. 7 November 2012 . Retrieved 1 April 2015 .
  18. ^ a b "Spirax-Sarco to acquire Thermocoax in bid to boost US footprint" . Shares Magazine . 18 February 2019 . Retrieved 12 July 2022 .
  19. ^ "New Brand for Spirax-Sarco" . Punchline . Retrieved 22 February 2024 .
  20. ^ "Spirax-Sarco Engineering plc insider David J. Meredith Sells 4,911 Shares" . Dakota Financial. 31 March 2015 . Retrieved 7 April 2015 .
  21. ^ "Watson-Marlow Fluid Technology Group" . Copy book . Retrieved 7 April 2015 .

External links [ edit ]

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