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FTSE 250-listed Spirax-Sarco Engineering (LON:SPX) has announced the unconditional disposal of its subsidiary HygroMatik GmbH for a cash consideration of €59 million. HygroMatik builds air humidification equipment, but had a limited strategic fit with the group’s steam specialties and it was challenging to increase sales without impacting profitability.
Chief Executive Nicolas Anderson 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“.
Spirax-Sarco’s share price moved upwards by 3.75% to 6,365p (as 12:00 GMT).