Melrose completes £1bn acquisition of US manufacturer

WARWICKSHIRE turnaround specialist Melrose Industries has completed the £1.1bn acquisition of US manufacturer Nortek Inc.

Last year Melrose returned more than £2.6bn to shareholders after the sales of Elster and Bridon.

However, the deals, especially the disposal of Elster, had left a big hole in the company’s portfolio as three quarters of the group’s revenue was generated by the business.

It had been looking for the right opportunity before it identified Rhode Island-based Nortek.

After clearing anti-trust legislation then the acquisition process was a formality.