Melrose bought the heating, ventilation and air conditioning unit in 2016 (Dominic Lipinski/PA) Sign up for our daily newsletter featuring the top stories from The Press and Journal. Thank you for signing up to The Press and Journal newsletter. Something went wrong - please try again later. Sign Up Melrose Industries will sell a majority of its Nortek arm to a US industrial group for £2.6 billion only five years after first buying the company. Melrose said that it had struck a deal with Madison Industries over the heating, ventilation and air conditioning unit. It sees Madison take over 73% of the Nortek business – measured by revenue – half a decade after Melrose bought the company for £2.2 billion.