Spirax-Sarco Engineering has acquired Aflex Hose and its subsidiary Aflex Hose USA for £61.4 million (the equivalent of approximately USD $76.8 million).
The purchase consideration is on a debt and cash free basis and will be financed from Spirax’s existing resources. It is expected to have a negligible impact on group earnings in the current year but to contribute positively from 2017 onwards.
Aflex is based in Halifax, in the UK, with a sales and assembly operation in Pennsylvania, USA, and specialises in the design and manufacture of PTFE-lined flexible hoses for the pharmaceutical, food, chemical and automotive industries.
Spirax, which provides steam and industrial fluid control solutions, said the business will be integrated into the Watson-Marlow Fluid Technology Group (WMFG).