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Spirax Group

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Spirax Group plc
Company typePublic
LSE: SPX
FTSE 100 component
IndustryManufacturing
Founded1888
HeadquartersCheltenham, England, UK
Key people
  • Jamie Pike (chair­person) Edit this on Wikidata
  • Nimesh Patel (CEO) Edit this on Wikidata
RevenueIncrease £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]
Websitewww.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.

History

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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

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

References

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  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 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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