Spirax-Sarco, a UK-based manufacturer of boiler and pipeline control valves for steam heating and process plants, has bought 30% of Econotherm for £1m ($1.5m).

It also has the option to acquire the remaining equity in the period between 1 January 2016 and 31 March 2019.

The transaction is expected to make a small positive contribution to group earnings from 2014, increasing each year thereafter.

Econotherm specialises in the design and manufacture of heat pipes and associated heat exchangers for industrial waste heat recovery and other industrial applications, utilising patented technology.

Spirax-Sarco has been working closely with Econotherm for the last two years in the development of this new technology for steam-related applications, and has secured worldwide sole and exclusive sales, marketing and manufacturing rights for the resulting heat exchangers.

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