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Epic & Msn data
Epic MRO
Time: 16:35:11
Mid Price: 217.00
Change Today: 0.80 Ascending
Change % Today: 0.37 Ascending
Fifty Two Week High: 220.00
Fifty Two Week Low: 78.75
Market Capital: 1079.76
Period & price data
Period Price
Now: 217.00
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LSE
Sector: Engineering
Epic: MRO
News: Latest news
Web Site: Melrose
Other Articles: 14-07-200928-05-200919-11-2008

Melrose

Melrose floated with the strategy of acquiring businesses whose operational performance can be improved to create shareholder value.  Since then, Melrose has acquired three engineering companies; Dynacast, McKechnie and FKI plc.  Melrose went on to sell a large part of McKechnie in August 2007, and returned the bulk of the proceeds to shareholders.  Melrose acquired FKI on 1 July 2008 for just under £1 billion.



Thursday, May 28, 2009

Melrose sells Logistex subsidiary for US$40 million in cash

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Melrose (LSE: MRO) announced that it had agreed to sell its FKI Logistex subsidiary to Intelligrated Inc for US$40 million in cash.  The disposal is expected to complete in June.


FKI Logistex provides automated material handling solutions including conveyor systems, robotic and conventional palletising, baggage handling systems and warehouse control systems to airport, parcel distribution and manufacturing businesses.


In the six months to 31 December 2008, Logistex made an operating profit before exceptional costs of US $1.6 million and had net assets of US $27.6 million1 at 31 December 2008.  


Melrose said it would use the cash to repay group debt.


Christopher Miller, Chairman of Melrose, stated: “We are pleased to announce the disposal of Logistex US as the next step in our post-acquisition process. We believe that the combination with Intelligrated is an exciting opportunity for both businesses and wish them well for the next stage of their development.”

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