- Specialist engineering firm Spirax-Sarco Engineering said it had entered into exclusive negotiations to acquire Thermocoax Developpement from Chequers Capital, TCR Capital and other minority shareholders for €158m (£139m).

Paris-based Thermocoax was a designer and manufacturer of highly-engineered electrical thermal solutions for critical applications in high-added value industries.

'The combination of Thermocoax and Chromalox will significantly strengthen our electrical thermal energy solutions presence in Europe while expanding our technology and product offering worldwide,' chief executive Nicholas Anderson said.

'We believe that the global Spirax Sarco footprint will allow both businesses to expand more rapidly into new geographic areas providing sustainable value creation for customers and shareholders.'

Story provided by