Spirax-Sarco Engineering

Last updated

Spirax-Sarco Engineering plc
Company type Public
LSE:  SPX
FTSE 100 component
Industry Manufacturing
Founded1888
Headquarters Cheltenham, England, UK
Key people
  • Jamie Pike(chair­person)  OOjs UI icon edit-ltr-progressive.svg
  • Nicholas Anderson(CEO)  OOjs UI icon edit-ltr-progressive.svg
RevenueIncrease2.svg £1,610.6 million (2022) [1]
Increase2.svg £380.2 million (2022) [1]
Decrease2.svg £225.0 million (2022) [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.

Contents

History

Charlton House, Spirax-Sarco Engineering's head office in Cheltenham Charlton House, Cheltenham.jpg
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 Sanders, Rehders & 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 Termodinámica, 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

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

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References

  1. 1 2 3 "Preliminary Results 2022" (PDF). Spirax-Sarco Engineering. Retrieved 9 March 2023.
  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. 1 2 "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.
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