Spirax Sarco acquires the business of Flow Smart Inc
Spirax-Sarco Engineering plc, the world leader in the control and efficient use of steam, and in peristaltic pumping and associated fluid path technologies, announces that it has acquired the business and assets of Flow Smart Inc., (Flow Smart) for £5.7 million from the founding shareholder and partners.
Flow Smart, based in Seaford, Delaware USA, specialises in the design and manufacture of high purity sanitary gaskets, silicone transfer tubing and reinforced silicone hoses for the bioprocessing and pharmaceutical industries. The business will be integrated into the Watson-Marlow Fluid Technology Group (WMFTG) and we are pleased that Lou Bongiorno, founder and President of Flow Smart, will transfer along with existing staff to our new company, Watson-Marlow Flow Smart, Inc., and continue in his role as President.
Flow Smart is a natural extension and supplement to the WMFTG fluid path product portfolio and further strengthens WMFTG's extensive global presence in the biotechnology and pharmaceutical industries, which includes Watson-Marlow Pumps, Watson-Marlow Tubing, Flexicon Filling Systems, BioPure single-use tubing connector systems, Aspeco aseptic valves and Alitea OEM Pumps. Flow Smart's product range utilises market-leading technology to improve sterility within the biotechnology production process, thereby reducing validation risk in demanding contamination-free applications and enhancing customer confidence.
The purchase consideration will be paid in cash at completion from the Group's existing resources. The acquisition is expected to generate an immediate small benefit to Group earnings per share.