Spirax-Sarco to Acquire Chromalox

CHELTENHAM, England -- Spirax-Sarco has announced plans to acquire Chromalox, a Pennsylvania-based manufacturer of electric heat and control products.

Spirax-Sarco will purchase the company from private equity firm Irving Place Capital for $415 million, according to Reuters. Spirax-Sarco will retain Chromalox's executive team after the acquisition is completed.

Chromalox has five manufacturing facilities in North America, France and China. The company celebrated its centennial earlier this year.