Cheltenham-based engineering group Spirax Sarco (www.spiraxsarco.com) has bought the assets of a Brazilian valve manufacturer in a £3.9 million deal; it has also reported a rise in turnover and pre-tax profits in its half-year results.

Spirax Sarco acquired the assets of Pentair subsidiary Hiter, which had net sales of more than £7 million in 2015. A newly established Spirax Sarco subsidiary, Hiter Controls Engenharia, will begin trading in the fourth quarter of this year.

Spirax Sarco chief executive Nicholas Anderson said: “We are very pleased with a 5% organic sales growth and an 18% increase in our adjusted operating profit, against flat global industrial-production growth rates. Despite challenging conditions, we have seen organic sales growth in all our divisions.

“We anticipate that our markets will remain challenging in the second half of this year. We are seeing the benefits of investments in our strategy for growth, and we have a robust, resilient and geographically diverse business model. Coupled with a strong balance sheet, this positions us well to navigate the current economic environment.”