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Spirax sells M&M to Rotork

Industrial engineering group Spirax-Sarco has sold M&M International to sector peer Rotork for €9.7 million.

The Spirax group acquired M&M, which manufactures piston actuated valves and solenoid valves in Bergamo, Italy, in 2000 and reported operating profit of €1.5 million and sales of €8.9 million last year.

Spirax said on Tuesday that the divestment follows a strategic review that concluded M&M's ‘lower strategic fit with the group limited our ability to improve their sales growth rates and profitability.’