Melrose Industries, an engineering company that seeks to acquire businesses it understands, improve them by a mixture of investment and changed management focus, realise the value created and then return it to shareholders. I have a holding in my income portfolio (epic code: MRO).
Melrose today announced a bolt-on acquisition for its Elster Gas business agreeing to acquire Eclipse Inc., a manufacturer
of gas combustion components and systems for industrial heating and drying
applications headquartered in Rockford, Illinois, USA.
For its fiscal
year ended March 31, 2014, Eclipse recorded sales of US$126m; the total consideration is US$158m payable in cash on completion, on a debt and cash free basis.
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