Spirax Group

Last updated

Spirax Group 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
  • Nimesh Patel(CEO)  OOjs UI icon edit-ltr-progressive.svg
RevenueIncrease2.svg £1,682.6 million (2023) [1]
Decrease2.svg £284.4 million (2023) [1]
Decrease2.svg £184.0 million (2023) [1]
Number of employees
10,400 (2024) [2]
Website www.spiraxgroup.com

Spirax Group plc, formerly 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, the company's head office in Cheltenham Charlton House, Cheltenham.jpg
Charlton House, the company'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 as Spirax-Sarco Engineering 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] It changed its name from Spirax-Sarco Engineering to Spirax Group on 3 June 2024. [20]

Operations

The company has three main operations: (i) Steam Specialties, [21] (ii) Electric Thermal Solutions [18] and (iii) Watson-Marlow Fluid Technology Solutions. [22]

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References

  1. 1 2 3 "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. 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 Group". Companies House. Retrieved 9 August 2024.
  21. ↑ "Spirax-Sarco Engineering plc insider David J. Meredith Sells 4,911 Shares". Dakota Financial. 31 March 2015. Retrieved 7 April 2015.
  22. ↑ "Watson-Marlow Fluid Technology Group". Copy book. Retrieved 7 April 2015.
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