Melrose plans to divest Nortek for $3.5 billion
Melrose, an FTSE 100 company, buys industrial companies and turns them around to profitable entities before selling them. PUBLISHED BY 1 month ago
Melrose Industries Plc, the UK buyout specialist, plans to divest its US-based Nortek division that makes heating and air conditioning products.
An earlier attempt to sell the $3.5 billion business was interrupted due to the Pandemic. On Thursday, it reconfirmed the resale process.
Melrose, an FTSE 100 company, buys industrial companies and turns them around to profitable entities before selling them.
Nortek’s sales rose 5 percent last year, accounting for 14 percent of Melrose’s 2020 revenues.