Business Digest: Thermon acquires Africa-based company

Dec 23, 2014
Austin American Statesman

San Marcos-based Thermon Group Holdings Inc. on Monday said it plans to acquire a South African company that can help expand its reach across that continent


Thermon, which designs and produces heat-tracing technologies for energy, chemical and other industrial processes, said it has reached an agreement with Unitemp, a Cape Town-based company that specializes in both similar and complementary products and services. The financial terms of the deal, which is expected to close in spring, were not disclosed


Unitemp, whose management will stay on and operate the business, posted revenue of about $8 million in its most recent fiscal year, the companies said. Through the first half of its current fiscal year, Thermon has generated revenue of $146.7 million


Thermon’s shares closed Monday up 30 cents, or 1.35 percent, at $22.45


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