- Spirax-Sarco Engineering said it sold German industrial air humidification equipment supplier HygroMatik to Carel Industries for €59.0m.

The sale price represented a trailing Ebitda multiple of 12.5 times.

'HygroMatik joined the Spirax Sarco Group in 1988 but due to limited strategic fit has always operated separately from the steam specialties division in which it is reported,' the company said.

'This low level of integration limits our ability to improve sales growth while maintaining HygroMatik's excellent profitability.'

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