22nd Jan 2020 06:58
(Alliance News) - UK turnaround specialist Melrose Industries PLC is mulling the sale of a part of Nortek, the Financial Times said Tuesday.
The FTSE 100 company is exploring the disposal of US domestic heating and air conditioning manufacturer Nortek's Global HVAC and air quality and home solutions businesses. A sale would bring in over USD3 billion, the FT noted.
The FT said "chunky corporate buyers", such as US industrial firm United Technologies Corp and Ireland-based Johnson Controls International PLC, are considering bids.
Melrose specialises in buying underperforming manufacturing groups with the aim of improving profit margins before selling them on.
Melrose shares closed 1.6% higher in London at 241.70 pence each on Tuesday.
https://www.ft.com/content/e3b4b99c-3c70-11ea-b232-000f4477fbca
By Loreta Juodagalvyte; [email protected]
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