Spirax-Sarco Engineering

Spirax-Sarco Engineering plc
Public (LSE: SPX)
Industry Manufacturing
Founded 1888
Headquarters Cheltenham, Gloucestershire, UK
Key people
 Bill Whiteley, Chairman
Nick Anderson, CEO
Revenue £667.2 million (2015)[1]
£152.4 million (2015)[1]
£96.7 million (2015)[1]
Website www.spiraxsarcoengineering.com

Spirax-Sarco Engineering plc (LSE: SPX) is a leading British-based manufacturer of steam management systems and peristaltic pumps and associated fluid path technologies. It is headquartered in Cheltenham and is a constituent of the FTSE 250 Index.

History

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.[2] 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.[3] 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.[4]

In 1990 the Company diversified in pump manufacturing in 1990 when it bought Watson-Marlow.[5] It acquired the Jucker Industrial Division, an Italian controls business, in 1993,[6] Bredel Hose Pumps, a business manufacturing high-pressure hose pumps, in 1996[7] and M&M International, an Italian piston actuated and solenoid valve business in 2001.[8] In September 2005 it acquired Mitech Actuators & Controls and Proportional Control Technology, a pair of South African businesses making process controls.[9] Then later that year it bought EMCO Flow Systems, a metering business.[10]

The company acquired Intervalf, a Turkish operation, for £2.8m in 2009.[11] 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.[12]

In 2011 the Minister for UK Trade & Investment, Lord Green, opened the new Spirax Sarco facility in Saint Petersburg, Russia[13] and in May 2012 the Deputy Prime Minister, Nick Clegg visited Spirax Sarco’s manufacturing facility in Cheltenham, Gloucestershire.[14]

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.[15] Then in November 2012 the company bought Termodinámica, a distributor based in Santiago de Chile.[16]

Operations

The company has two main operations:

Spirax-Sarco has operating units (operating companies, branches and associates) in 41 countries across the world.[1]

References

  1. 1 2 3 4 "Annual Report 2015" (PDF). Spirax-Sarco Engineering. Retrieved 15 April 2016.
  2. ↑ "Top 100 Gloucestershire Companies" (PDF). Westbusiness. July 2008.
  3. ↑ "Stocks and prices". londonstockexchange.com. Retrieved 1 April 2015.
  4. ↑ "Spirax-Sarco Engineering Fundamentals". Financial Betting. Retrieved 1 April 2015.
  5. ↑ "Convergence Investment For Falmouth Pump Manufacturer". Business Cornwall. 26 August 2008. Retrieved 1 April 2015.
  6. ↑ "Spirax buys firms as profits rise". The Independent. 2 April 1993. Retrieved 1 April 2015.
  7. ↑ "A brief history of pumps". World Pumps. Retrieved 1 April 2015.
  8. ↑ "Acquisition of M&M International by Spirax Sarco". Supply House Times. 10 January 2002. Retrieved 1 April 2015.
  9. ↑ "Local supplier prepares for big move". Mining Weekly. 11 August 2006. Retrieved 1 April 2015.
  10. ↑ "Spirax-Sarco acquires EMCO Flow Systems". Plant Engineering. August 2005. Retrieved 1 April 2015.
  11. ↑ "Spirax Sarco buys Turkish operation". South West News. 8 April 2010. Retrieved 1 April 2015.
  12. ↑ "How to Build a Factory and Distribution Centre in China". rightsite.asia. Retrieved 1 April 2015.
  13. ↑ "UK Minister for Trade and Investment to attend St Petersburg International Economic Forum". fco.gov.uk. Retrieved 1 April 2015.
  14. ↑ "Deputy Prime Minister praises Spirax Sarco's investment in UK manufacturing". Process and Control. 8 May 2012. Retrieved 1 April 2015.
  15. ↑ "Spirax fails to tell markets of investor rebellion". The Telegraph. 24 May 2012. Retrieved 1 April 2015.
  16. ↑ "Spirax Sarco Buys Business/Assets Of Chilean Distributor For £3.3 Mln". RTT News. 7 November 2012. Retrieved 1 April 2015.
  17. ↑ "Spirax-Sarco Engineering plc insider David J. Meredith Sells 4,911 Shares". Dakota Financial. 31 March 2015. Retrieved 7 April 2015.
  18. ↑ "Watson-Marlow Fluid Technology Group". Copy book. Retrieved 7 April 2015.
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