INVESTOR OPPORTUNITIES IN OUR WORLDLEADING NICHE BUSINESSES 0 - - PowerPoint PPT Presentation

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INVESTOR OPPORTUNITIES IN OUR WORLDLEADING NICHE BUSINESSES 0 - - PowerPoint PPT Presentation

INVESTOR OPPORTUNITIES IN OUR WORLDLEADING NICHE BUSINESSES 0 Investor opportunities March 2019 Engineering Sustainable Growth A British multinational engineering group Three worldleading niche engineering businesses Global


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0 Investor opportunities March 2019

Engineering Sustainable Growth

INVESTOR OPPORTUNITIES

IN OUR WORLD‐LEADING NICHE BUSINESSES

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1 Investor opportunities March 2019

Engineering Sustainable Growth

  • Direct sales model key to delivering

customer value

  • Large diversity of customers,

geographies, markets and products

  • 85% of sales from maintenance and

repair budgets (35% self‐generated)

  • Sales presence in 62 countries;

manufacturing in 14 countries

  • Average revenue growth: 7% per annum

(excluding 2017 acquisitions)

  • Revenue growth tracks 2x Global Industrial

Production growth rate

  • Good operating profit margin: 23.0% (2018)
  • Robust balance sheet; strong cash generation
  • Return on capital employed 54.9% (2018)
  • 51 year dividend progress; 11% CAGR
  • Special dividends in 2010, 2012 and 2014

A British multi‐national engineering group Three world‐leading niche engineering businesses Global addressable market: £8.5bn; 14% market share

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2 Investor opportunities March 2019

Engineering Sustainable Growth

Group structure

Three world‐leading niche businesses

Watson‐Marlow: niche peristaltic pumps and associated fluid path technologies

www.wmftg.com

Chromalox: electrical process heating and temperature management solutions

www.chromalox.com

Steam Specialties: industrial and commercial steam systems

www.spiraxsarco.com; www.gestra.com

£1,153m

64% 13% 23%

Steam Specialties EMEA Asia Pacific Americas Chromalox Watson‐Marlow

2018 Group Revenue

Thermal Energy Management

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3 Investor opportunities March 2019

Engineering Sustainable Growth

Process heating and temperature management solutions (from July 2017)

Uses: electric heating for mission‐critical industrial processes, freeze protection for pipes, valves and tanks, and component heating Benefits of electric solutions: easy to incorporate, install and maintain; high temperatures; controllable; no emissions at point of use Products: Industrial Heaters & Systems; Heat Tracing; Component Technologies Delivering: efficient thermal energy management and control solutions for improved industrial processes

Industrial and commercial steam systems

Steam uses: heating and curing, cleaning, sterilisation, hot water generation, space heating and humidification Benefits of steam: high energy content, easy to control, environmentally safe, clean and sterile Products: steam traps, control valves, condensate recovery pumps, strainers, separators, flow meters, boiler controls, pre‐fabricated engineered packages Delivering: improved process efficiency and product quality; reduced CO₂ emissions, energy and water use, waste and maintenance downtime; compliance with industry standards

Thermal Energy Management

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4 Investor opportunities March 2019

Engineering Sustainable Growth

Plant‐wide applications

Broad product range

Our product range includes: steam traps, pressure and temperature control valves, condensate recovery pumps, strainers, separators, humidifiers, flow meters and boiler controls Pre‐fabricated engineered packages for heat transfer & recovery and clean steam generation

Clean steam generator Heat exchange package Flash steam heat recovery

We are a one‐stop shop for industrial and commercial steam systems

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5 Investor opportunities March 2019

Engineering Sustainable Growth

Steam and condensate loop

Applications overview

Steam generation Steam distribution and utilisation Packaged Solutions & Energy Recovery

Feedwater supply, storage and conditioning TDS controls Boiler level controls Boiler blowdown Blowdown heat recovery Bottom blowdown valves and vessels Start‐up systems and separators Condensate monitoring Pressure control Temperature control Flow metering Steam traps Ancillaries Wireless communication Flash steam recovery Condensate recovery Humidification Heat transfer solutions Clean & pure steam products

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6 Investor opportunities March 2019

Engineering Sustainable Growth

Plant‐wide applications

Broad product range

Our product range includes: process heaters, air heaters, radiant heaters, tubular heaters, cartridge heaters, power and temperature controls, temperature sensors, thermostats and heat trace cables and connection kits Pre‐fabricated engineered packages for process heating and temperature management

We provide advanced thermal technologies engineered for the world’s toughest industrial heating applications

Process Heating Packages Fuel Gas Conditioning System Heat Transfer System

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7 Investor opportunities March 2019

Engineering Sustainable Growth

Chromalox expands our addressable market

* New Product Introduction

Thermal Energy Management: electricity and steam have complementary uses. The choice between heating mediums is driven by application needs or customer circumstances

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8 Investor opportunities March 2019

Engineering Sustainable Growth

Peristaltic pumps

  • Peristaltic principle

Rotor shoes/rollers squeeze tubing for gentle pumping action

  • Contamination free

No moving parts in contact with process fluid

  • Virtually maintenance free

No seals, check valves, diaphragms or rotors

  • Highly accurate

Sophisticated pump head electronics ensure accuracy for dosing and metering applications

Watson‐Marlow pumps and systems

Cost‐effective solutions for difficult applications

Watson‐Marlow

Business built around unique pumping and niche fluid path technologies

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9 Investor opportunities March 2019

Engineering Sustainable Growth

Watson‐Marlow pumps and systems

Cost‐effective solutions for difficult applications

Hygienic applications: the pump does not touch the fluid Making peristaltic pumps perfect for clean fluids which must not be contaminated – Pharmaceutical & Biotechnology and Food & Beverage industry applications. A sterile tube makes a sterile pump. Dirty applications: the fluid does not touch the pump Making peristaltic pumps suitable for dirty fluids which contaminate other pumps – slurries, pigments, effluent applications. No need to strip or clean the pump; a new hose makes a new pump. Specialty filling systems (Flexicon) Small batch production of pharmaceuticals using peristaltic pump filling technology. Bench top models to fully automated filling and capping systems. Lower whole‐life cost for niche applications Higher up‐front purchase cost more than offset by lower life cycle costs. Single‐use fluid path technologies Single‐use fluid path components such as clamps, valves, connectors, sanitary gaskets and tubing, for Pharmaceutical & Biotechnology industries.

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10 Investor opportunities March 2019

Engineering Sustainable Growth

Low‐flow peristaltic metering pumps (acquired in 1990) Precision pump and transfer tubing High‐flow industrial hose pumps (acquired 1996) Low‐flow, high precision OEM pumps (acquired 2000) Aseptic filling (acquired 2008) PTFE‐lined flexible hoses (acquired 2016)

Watson‐Marlow Fluid Technology Group

Ten brands offering customers an unrivalled breadth of pumping services

Sinusoidal pumps (acquired 2009) Biotechnology tubing connection systems (acquired 2014) High purity polymer products company (acquired 2015) Stainless steel tank bottom and in‐line valves for Biotechnology (acquired 2015)

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11 Investor opportunities March 2019

Engineering Sustainable Growth

Our direct sales business model

Positioning us well to create value

Customer needs: We help our customers to solve their difficult productivity and process challenges, improve their operational sustainability and comply with increasingly stringent health, safety and environmental requirements. Customer closeness: Our direct sales business model creates a unique understanding of our customers’ needs and enables us to build deep, long‐term relationships as we help our customers solve their difficult productivity, control and energy efficiency problems, and improve their operational performance and sustainability. Applied engineering: It is not our products alone that provide value to our customers ‐ it is the application of our extensive knowledge of systems design, operations and maintenance. Wide product range: The breadth of our product offering is unmatched by our competitors and our one‐stop shop approach simplifies the procurement process for our customers who are increasingly seeking partnerships with competent full‐service suppliers. Regional manufacturing: Local availability of a wide range of products is critical to our business model and enhances top line revenue

  • growth. We have strategically located our manufacturing plants across the

world, in Europe, North America, Latin America and Asia.

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12 Investor opportunities March 2019

Engineering Sustainable Growth

  • specialist knowledge (local direct sales engineers are skilled specialists

in applications and systems)

  • technical expertise (focus our selling on application merits and payback,

not price)

  • engineered solutions (industry leading products, services and packages

for one‐stop shop approach)

  • local stocks (products available off‐the‐shelf worldwide)
  • energy and water savings (help our end users to meet their

sustainability objectives and save money)

  • process improvements (provide increased operating efficiency and

throughput, and lower operating costs)

  • regulatory compliance (help reduce plant emissions and provide

expertise and training to meet increasingly stringent standards)

We use our… to deliver… …to customers

Our business model in action

Creating value for customers

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13 Investor opportunities March 2019

Engineering Sustainable Growth

Customer capex vs opex spend

Sales by value driver*

Maintenance and repair sales that maintain existing systems, supported by the end users’ opex budgets, with a typical invoice value of around £1k Small project sales that improve existing systems, supported by the end users’ opex budgets, with a typical invoice value of £10k‐£50k Large project sales that build new systems, supported by the end users’ capex budgets, with a typical invoice value of

  • ver £100k

85%

  • f Group revenue is generated

from annual maintenance and

  • perational budgets

* Based on Spirax Sarco internal estimates

Self‐generated sales

Our sales and service engineers are highly skilled in both product applications and systems understanding. We self‐generate sales as we identify our customers’ unrecognised needs and solve their difficult process challenges.

50% 35% 15%

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14 Investor opportunities March 2019

Engineering Sustainable Growth

17% 3% 16% 14% 7% 7% 4% 4% 4% 3% 3% 2% 1% 1% 14%

Group Sales 2018

Food Beverage Pharmaceutical & Biotechnology OEM machinery Oil & Gas Chemical Healthcare Power Generation Buildings Mining & Precious Metal Processing Water & Wastewater Pulp & Paper Rubber & Plastic Textile Other

50% of Group

revenue derived from defensive, less cyclical, end markets

85% of Group

revenue derived from annual maintenance and

  • perating budgets,

rather than large projects from capex budgets

Based on Spirax Sarco internal estimates

Diverse markets and broad customer base

Where there is little visibility of end user industry sector (primarily in sales via distributors), sales have been allocated across industries on a pro‐rata basis. In 2018 these “unknown” sales accounted for 22% of total revenue. OEM sales to identifiable industries have been allocated to those industries. Sales to OEM customers accounted for 20% of Group revenue in 2018.

A source of resilience

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15 Investor opportunities March 2019

Engineering Sustainable Growth

Food Steam is used for blanching, cooking, baking, packaging, cleaning and

  • sterilising. Electric heating

elements are used in commercial food

  • equipment. Pumps are

used to meter ingredients, deliver food to process lines and handle process waste. Beverage Steam is essential for brewing and distilling

  • processes. It is used to

protect product quality and flavour, and ensure compliance with industry

  • standards. Pumps are

used to transfer fruit, juice, concentrates, yeast and other additives. Buildings (HVAC) Steam is used to provide space heating, humidification and hot water in public and private buildings, while

  • ur electrical products

are used for hot water and heat generation, snow melting, gutter and roof de‐icing, and frost‐ heave prevention. OEM Machinery Original Equipment Manufacturers (OEMs) are companies that build and supply machines for use in industry. Our activities with OEMs vary from simple product supply to advising on machine performance improvements and process plant design. Oil & Gas Electrical heating products increase fluid viscosity, deliver freeze protection and help separate natural gas, crude oil and water during extraction. Our steam products enable

  • ptimum steam system

performance and reduce energy use during oil and gas production. Pharmaceutical & Biotechnology Clean steam reduces the risk of product and process contamination; electrical heating is used in a wide range of process heating applications; our peristaltic pumps, valves and single‐ use components enable precise flow control and fluid isolation. Healthcare Steam is used in hospitals and clinics for space heating, hot water production, humidification and sterilisation. Pumps and associated equipment are used in the manufacture of products for the Healthcare industry. Mining & Precious Metal Processing Peristaltic pumps reduce water, energy and chemical use and increase productivity while moving and processing abrasive

  • res and slurries. Electrical

heating is used for temperature maintenance and space heating for workers. Chemical Steam and electricity are widely used as an energy source in chemical production and product processing, while our pumps are used to safely and accurately transfer and dose critical chemical components. Water & Wastewater Peristaltic pumps are used to dose chemicals during water treatment processes and to transfer viscous and abrasive

  • slurries. Electric heating

solutions provide freeze protection, temperature maintenance and space heating in water treatment plants. Power Generation Electrical heat technologies are widely used to optimise power generation. Steam turbines transfer chemical energy in fuel into electrical energy and steam is used to distribute and re‐use waste heat formed during the power generation process. Pulp & Paper Our steam, electric and pump products facilitate the accurate control of critical processes, such as washing, bleaching, dyeing, drying and finishing, in the manufacture of paper and a wide range of domestic and industrial tissues.

Our diverse market sectors

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16 Investor opportunities March 2019

Engineering Sustainable Growth

Our unique global coverage and expansion

Over 7,500 employees across 62 countries; 122 operating units

* Operating units are business units that invoice locally Sanctions: We do not supply products subject to sanctions or supply to proscribed persons. We comply with all sanctions and export regulations, including dual purpose regulations.

40 new operating units established or acquired in the 3 years to March 2019. Steam Specialties: SxS: Brazil (Hiter), East Africa, Hungary, Romania and Maghreb Gestra: Germany, Italy, Poland, Portugal, Spain, Singapore, UK and USA Chromalox: Brazil, Canada (x2), China (x2), Developing Markets (Americas, Asia Pacific, EMEA), France, Germany, Hong Kong, India, Mexico, Singapore, Thailand, UAE, UK, USA (x3) Watson‐Marlow: Canada, Ireland, Indonesia, Thailand, Vietnam, UAE, UK (Aflex)

Operating units*

(47 countries)

Sales offices

(+15 countries)

Distributors

(+53 countries)

Serving customers in 115 countries

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17 Investor opportunities March 2019

Engineering Sustainable Growth

EMEA: UK (SxS, WM, BioPure and Aflex) Italy France (SxS and Chromalox) Germany (Gestra and MasoSine) Netherlands (Bredel) Denmark (Flexicon) Sweden (Alitea) Americas: USA (SxS, Chromalox, Asepco and FlowSmart) Argentina Brazil Mexico (SxS and Chromalox) Asia Pacific: China (SxS, Chromalox and WM) India Japan (MasoSine)

Regional manufacturing strategy

Local product availability

Steam Specialties manufacturing site Chromalox manufacturing site Watson‐Marlow manufacturing site

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18 Investor opportunities March 2019

Engineering Sustainable Growth

Group geographic revenues, 2018

Good regional coverage

Emerging markets: 34% of sales and 39% of operating profit

Americas 34%

Emerging markets 7%

EMEA 42%

Emerging markets 6%

Asia Pacific 24%

Emerging markets 21%

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19 Investor opportunities March 2019

Engineering Sustainable Growth

£8.5 billion market size

14% market share

Source: based on Spirax Sarco internal estimates

2018 total addressable market size

£8.5bn

Steam Specialties market Steam Specialties market share 16% Watson‐Marlow market share 19% Niche pumps and associated equipment market Electrical thermal energy management market Chromalox market share 6%

£4.6bn £2.4bn £1.4bn

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20 Investor opportunities March 2019

Engineering Sustainable Growth

Operate sustainably and help improve our customers’ sustainability

  • To be the world leader in steam

and thermal energy solutions

  • Intensify customer focus through

enhanced customer value propositions

  • Focus on priority industries
  • Competitive advantage through

enhanced knowledge and skills

  • Increase R&D effectiveness
  • Global excellence in the supply

chain

  • Enhance market sector sales focus
  • Achieve rapid geographical

expansion

  • Accelerate development of

breakthrough products

  • Attain excellence in manufacturing
  • Selective product and market

sector diversification

  • Create environments where

people thrive

  • Create significant

shareholder value through supplementing organic growth

  • Expand the capabilities of
  • ur niche businesses

through new technologies, skills or geographic coverage

  • Increase our addressable

market into adjacent related sectors

Watson‐Marlow

Acquisitions Spirax Sarco

Objective: self‐generated growth that outperforms our markets Focus: doing better what we already do well

Our strategy

Sustainability

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21 Investor opportunities March 2019

Engineering Sustainable Growth

  • Expand sector focus of the

direct sales force

  • Enhance customer value

propositions by sector

  • Increase focus on thermal

energy management within priority sectors

  • Continually improve technical

competency, skills and process knowledge

  • Expand and globalise wide‐

range of training tools and materials

  • Develop unrivalled level of

expertise

  • 2. Develop the knowledge

and skills of our expert sales and service teams

  • 3. Broaden our global

presence

  • 1. Increase direct sales

effectiveness through market sector focus

  • Maximise first‐to‐market

advantage from early entry into emerging markets

  • Leverage existing

infrastructure to pioneer the introduction of Watson‐ Marlow

Six strategic themes

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22 Investor opportunities March 2019

Engineering Sustainable Growth

  • Leverage R&D to accelerate

growth

  • Shorter time‐to‐market for

new products

  • Develop products for

priority sectors

  • Complementary

acquisitions to expand addressable markets

  • Invest in regionalised

manufacturing strategy

  • Increase focus on extended

supply chain

  • Enhance product availability,

increase flexibility, improve service levels and reduce costs

  • Increase our sustainability
  • Focus on corporate

governance, employee wellbeing, community engagement and environmental stewardship

  • Provide solutions to help

customers meet their sustainability targets

Six strategic themes

  • 4. Leverage R&D

investments

  • 5. Optimise supply chain

effectiveness

  • 6. Operate sustainably and

help improve our customers’ sustainability

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23 Investor opportunities March 2019

Engineering Sustainable Growth

  • Market leading provider of

electrical solutions for industrial process heating & temperature management

  • Consideration: US$415m
  • 9.7x trailing EBITDA 2016
  • 2016 performance: revenue

US$201m; EBITDA US$43m; EBIT US$37m

  • Expands Group addressable

market by £2.4 bn

  • Leader in advanced industrial

boiler control systems; designs and produces valves and controls for steam and fluid process control

  • Consideration: €186m
  • 11.2x trailing EBITDA 2016
  • 2016 performance: revenue

€92.5m; EBITDA €16.6m; EBIT €15.2m

  • Increases Steam Specialties

technology and market share

Recent acquisitions

Highly complementary to the Steam Specialties business

  • Leading designer and

manufacturer of highly engineered electrical thermal solutions

  • Consideration: €158m
  • 12.2x trailing EBITDA 2018
  • 2018 performance: revenue

€49.8m; EBITDA €12.9m; EBIT €12.1m

  • Extends our electrical

process heating capabilities

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24 Investor opportunities March 2019

Engineering Sustainable Growth

Drivers of strong growth

‐ Biopharm industry growing at c.10% per annum ‐ Geographical expansion ‐ Displacement of other pump types

External

‐ Industrial production growth ‐ Population growth ‐ Energy and natural resource saving targets ‐ Rising regulatory requirements

Internal

‐ Geographic expansion ‐ New product development ‐ Business strategy ‐ Regional manufacturing strategy

Organic growth drivers: Watson‐Marlow growth drivers: Inorganic growth drivers: Bolt‐on or related acquisitions

‐ New technologies ‐ Increased geographic coverage ‐ Expansion of addressable market

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25 Investor opportunities March 2019

Engineering Sustainable Growth

£0 £200 £400 £600 £800 £1,000 £1,200 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Sterling weakens Sterling strengthens Sales prior to 2004 have been adjusted to IFRS Sterling weakens Sterling strengthens

Strong history of sales growth

Good operating profit margin expansion

Sterling weakens

Profit margin % Sales £ millions

Sales Sales from 2017 acquisitions Reported profit margin Margin excluding 2017 acquisitions

Underlying margin increased from 17.1% to 25.2%

25 year average

Sterling strengthens

Underlying 7% revenue growth (excluding 2017 acquisitions)

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26 Investor opportunities March 2019

Engineering Sustainable Growth

0.0 50.0 100.0 150.0 200.0 250.0 300.0 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EPS DPS

Delivering shareholder value

EPS and DPS growth; 51 year dividend progress

Dividend CAGR: 12% over 10 years, 10% over 35 years and 11% over 51 years

* Plus special dividends of 25p in 2010, 100p in 2012 and 120p in 2014

Note: Figures exclude non‐operating and exceptional items

p/share

Our prime financial objective is to provide enhanced value to shareholders through consistent growth in earnings and dividends per share.

* * *

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27 Investor opportunities March 2019

Engineering Sustainable Growth

0% 20% 40% 60% 80% 100% ‐400 ‐300 ‐200 ‐100 100 200 300 2014 2015 2016 2017 2018

% cash conversion £ million

Free cash flow

Net Cash/(Debt) Cash conversion

Strong cash generation

Capital allocation priorities: 1) Invest in our businesses 2) Acquisitions 3) Reduce debt 4) Return cash to shareholders

Cash conversion measures the percentage of adjusted cash from

  • perations to adjusted operating profit
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28 Investor opportunities March 2019

Engineering Sustainable Growth

Appendices

Spirax‐Sarco Engineering plc headquarters, Charlton House, Cheltenham, UK

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29 Investor opportunities March 2019

Engineering Sustainable Growth

Financial performance

  • Organic sales up

7%; growth in all segments of Steam Specialties and Watson‐ Marlow

  • Good contribution

from Gestra and Chromalox

  • Operating profit

up 12% organically

  • EPS +13%; organic

growth and acquisitions, partially offset by exchange

Strong organic growth, plus full‐year contribution from acquisitions

⁺ Organic measures are at constant currency and exclude contribuons from acquisions and disposals. * Adjusted profit measures exclude certain items.

2018 2017 Reported Organic⁺ Revenue £1,153.3m £998.7m +15% +7% Operating profit* £264.9m £235.5m +12% +12% Operating profit margin* 23.0% 23.6% ‐60 bps +120 bps Net finance expense (£10.3m) (£6.4m) Pre‐tax profit* £254.6m £229.1m +11% Tax rate* 27.6% 29.1% ‐150 bps EPS* 250.0p 220.5p +13% DPS 100.0p 87.5p +14%

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30 Investor opportunities March 2019

Engineering Sustainable Growth

Our purpose: reducing environmental impacts

Increasing fuel efficiency, Kenya

12%

reduction in firewood use

The issue: during steam heated air drying of tea leaves, firewood used to generate steam; environmental impacts from overuse of firewood The solution: engineered solution to modulate steam flow to the drying bed, including six control valve stations The result: increased fuel efficiency, firewood use reduced by 12% per annum, reduced environmental impacts, 17 month payback

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31 Investor opportunities March 2019

Engineering Sustainable Growth

Our purpose: delivering energy savings

Paper manufacturing lime dosing application, Netherlands

3%

reduction in energy use

The issue: bacteria in process water reduces efficiency of water removal during paper production, pulp typically enters drying ovens with 40% fibre to 60% water The solution: accurate lime dosing using Qdos pumps; preventing bacteria growth The result: water content of pulp reduced, enabling drying oven temperature to be reduced by 15°C, generating 3% per annum energy savings, reducing carbon emissions by 18,000 kg

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32 Investor opportunities March 2019

Engineering Sustainable Growth

Our purpose: providing safer working environments

Safely warming caustic chemicals, USA

Safe

heating of flammable chemicals

The issue: unsafe warming of process lines, transportation pipes and holding tanks during chlorine production; high risk of fire The solution: an audit by Chromalox engineers identified risk areas; bespoke solution included improved insulation, correct termination points and IntelliTRACE heat tracing line‐sensing control panel The result: safe heating of flammable chemicals, significantly reduced risk of fire

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33 Investor opportunities March 2019

Engineering Sustainable Growth

EMEA Asia Pacific Americas

Steam Specialties

Armstrong International (USA) Private

  

ARI Armaturen (Germany) Private

  

TLV (Japan) Private

  

Forbes Marshall (India) Private

 

Spence/Nicholson (USA) Circor: NYSE

 

Other product specialists: Samson (Germany) Private; Fisher Controls (USA) Emerson: NYSE; Valtek (USA) Flowserve: NYSE; Krohne (Germany) Private; Endress & Hauser (Swiss) Private

Watson‐Marlow

Verder (Netherlands) Private

  

Cole Parmer (USA) Thermo Fisher: NYSE

  

Other pump types and fluid path components: Moyno (USA) Dover: NYSE; Wilden (USA) Robbins & Myers: NYSE; Waukesha (USA) SPX:

NYSE; Mono (USA) National Oilwell Varco: NYSE; Warren Rupp/Pulsafeeder (USA) IDEX: NYSE; Prominent (Germany) Private; Saint‐Gobain

Bioprocess Solutions (France) Saint‐Gobain: Euronext Paris

Group competitors

 ‐ strong presence in the region  ‐ medium presence in the region

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34 Investor opportunities March 2019

Engineering Sustainable Growth

EMEA Asia Pacific Americas

Chromalox

Watlow Electric Manufacturing Company (USA) Private

  

BARTEC (Germany) Private Equity

  

Vulcanic, (France) Private Equity

 

EXHEAT Limited (UK) Private

 

nVent (USA) Public: NYSE

  

Thermon Group Holdings Inc (USA) Public: NYSE

  

O’Brien (USA) Ametek: NYSE

  

Other product specialists: Minco Products Inc (USA) Private; Armstrong International (USA) Private; KLÖPPER‐THERM GmbH & Co. KG (Germany) Private; CSI (Controls South East Inc) (USA) Ametek: NYSE; HEAT TRACE (UK) Private

Group competitors

 ‐ strong presence in the region  ‐ medium presence in the region