Flowserve Corp has entered into a conditional sale and purchase agreement to sell Gestra AG and associated businesses to Spirax-Sarco Engineering plc in a €186 million deal. In 2016, the Gestra business had revenues of approximately €92.5 million and earnings before interest and taxes of €15.2 million.
Gestra, which is headquartered in Bremen, Germany, specialises in the design and production of valves and control systems for steam and fluid process control.
Flowserve says that the sale of Gestra is part of an ongoing effort to better align and optimize its product portfolio and manufacturing footprint, focusing on core business objectives that will allow the company to be more competitive when key industry markets return.
