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MRO - Melrose Industries News Story

159.25p 3.3  2.1%

Last Trade - 4:26pm

Sector
Industrials
Size
Large Cap
Market Cap £7.58bn
Enterprise Value £10.94bn
Revenue £8.77bn
Position in Universe 142nd / 1826

UPDATE 1-UK's Melrose to sell Nortek Air Management unit for about $3.63 bln

Mon 19th April, 2021 7:23am
(Adds details on proceeds, quote and background)
    April 19 (Reuters) - Melrose Industries  MRON.L  said on
Monday it has agreed to sell its Nortek Air Management business
for about 2.62 billion pounds ($3.63 billion) to Chicago-based
Madison Industries, and will distribute a portion of the
proceeds to shareholders.
    The British engineering business owner said it plans to use
a part of the proceeds to reduce debt and contribute about 100
million pounds to GKN UK pension scheme, reducing the funding
deficit to about 200 million pounds from 1 billion pounds.
    Melrose had initiated a sale process of its Nortek
air-conditioning division in March after it was delayed by
lockdown restrictions last year.
    "Our Ergotron and Nortek Control businesses, which also form
part of the Nortek Group remain under our ownership and will be
realised at an appropriate time," Chairman Justin Dowley said.  
  
    

    ($1 = 0.7217 pounds)

 (Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry
Jacob-Phillips)
 ((Yadarisa.Shabong@thomsonreuters.com; Twitter: https://twitter.com/Yadarisa;
 +919742735150;))
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