Disposals

RNS Number : 9321B

Melrose PLC

28 February 2011

 



 28 February 2011

MELROSE PLC

('Melrose')

SALE OF MADICO, LOGISTEX AND BRUSH TRACTION FOR c.£20.5M

Melrose is pleased to announce that, since the start of 2011, it has successfully sold three of its smaller businesses - Madico, Logistex UK and Brush Traction - generating aggregate sale proceeds of approximately £20.5m.

Distribution Madico Inc is a Canadian manufacturer and distributor of a complete line of floor protection and casters and was part of the FKI Group acquired by Melrose in 2008.  It was sold on 31 January to Richelieu Hardware Ltd, a leading North American distributor, importer and manufacturer of specialty hardware and complementary products.

Logistex Ltd is the legacy UK Logistex business retained after the 2009 sales of the North American division to Intelligrated Inc and the European/Asian division to the Beumer Group.  After implementing a revised business plan, Logistex Ltd underwent a management buyout on 11 February and is now under the ownership and control of its senior management team.

The Brush Traction Group, including Brush Barclay Limited, is a leading provider of specialised engineering solutions and equipment to the UK and international rail sector and has been synonymous with quality engineering, state-of-the-art locomotives and propulsion systems for passenger carrying vehicles for many years.  It was sold to Westinghouse Air Brake Technologies Corporation on 25 February.  Richmond Park Partners advised Melrose on the sale. 

Christopher Miller, Chairman of Melrose, stated:

"We are pleased to announce the successful sale of these three smaller businesses.  In each case we believe the businesses are better placed with their new owners to continue their development.  We wish each of them every success for the future."

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Contacts and enquiries

M:Communications
Nick Miles/Ann-marie Wilkinson/Andrew Benbow	[phone]

 

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