18th May 2007 16:05
Melrose PLC18 May 2007 Melrose PLC FOR IMMEDIATE RELEASE 18 May 2007 Melrose PLC Disposal of McKechnie PSM Melrose PLC ("Melrose") announces that it has completed the sale of part ofMcKechnie PSM ("PSM") to Petrus Holding (BVI) Limited, a company controlled byEQT Greater China II Limited Partnership ("EQT"), for US $58 million in cashpayable at completion. EQT is a group of private equity funds that managesapproximately €10.5 billion in equity. PSM manufactures and distributes specialised fasteners and joining systemsprimarily for the IT and automotive markets. The sale does not include thespecialised Thread Locking and Sealing and Canning Brett businesses based inEurope which are included within the PSM division for segmental reportingpurposes. In the year ended 31 December 2006 the part of McKechnie PSM being sold hadheadline operating profit* of £4 million and gross assets of £32 million. Melrose will retain the proceeds of sale and these will be used together withthe proceeds of the previously announced sale of McKechnie Aerospace forcorporate purposes and to fund a return of value to shareholders in due course. *before exceptional costs, exceptional income and intangible asset amortisationother than computer software. EnquiriesM: Communications 020 7153 1530Nick FoxJames Hill This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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