Spirax-Sarco sold HygroMatik to Carel Industries for €59m.

Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, electrical thermal energy solutions and peristaltic pumping and associated fluid path technologies, announced the unconditional disposal of HygroMatik GmbH to Carel Industries S.p.A. for a total cash consideration of €59.0m on a debt free, cash free basis, representing a trailing EBITDA multiple of 12.5. Nicholas Anderson, Group Chief Executive of Spirax‐Sarco Engineering plc, commented: "HygroMatik is a high quality company and has been an excellent member of the Group for the last 30 years. I am delighted that they will now join Carel, where the better strategic fit should enable even stronger performance. I would like to thank all the HygroMatik employees for their dedication and contributions, wishing them continued success with their new owners."