Melrose confirms plans for twin sell-off

INDUSTRIAL turnaround specialist Melrose Industries has confirmed it is looking for buyers for two of its portfolio businesses.

Responding to media speculation, the Alcester-based group said today: “Melrose confirms that it is in the very early stages of considering the possible sale of Crosby, and also Acco, as part of Melrose’s established business model to buy good manufacturing businesses, improve their performance and realise value, often within a three to five year time frame.”

The group has appointed J.P. Morgan Cazenove to assist in the sales process.
 
Crosby is a world leader in the design, manufacture and sale of lifting fittings and blocks to the oil & gas, construction and mining sectors, serviced primarily through a global network of specialist distributors.
Crosby was acquired as part of the FKI acquisition in 2008 and its UK headquarters is in Cradley Heath.

Acco is an industry leader in the design, engineering, manufacture, and distribution of a wide variety of material handling equipment.

Melrose said at this early stage there could be no certainty that the review would lead to a sale process being launched.  It said a further announcement would be made if and when appropriate.