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BREAKING NEWS

Spirax-Sarco says sales growth at main business to halve

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(Reuters) – Spirax-Sarco Engineering Plc <SPX.L> expects sales growth at its main business to more than halve in the second half of this year, as a weakening global economy weakens forecasts for industrial production, the company said on Wednesday.

The valve maker said sales would drop at its Steam Specialties business partly due to the “non-repeat nature” of some of its sources of growth in the first half, which included several large orders in China and Korea, a Brexit stock build and a stronger than expected currency devaluation in Argentina.

(Reporting by Justin George Varghese in Bengaluru; editing by Patrick Graham)

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