Melrose continues subsidiary sell-off
Warwickshire engineering company Melrose has sold its subsidiary business Brush Traction, based in Loughborough. The business was acquired by a US engineering company for more than £19m.
Melrose manufactures specialist precision engineered components. Brush Traction provides train overhauls, services and aftermarket components.
Westinghouse Air Brake Technologies Corp, based in Pennsylvania, US, bought the subsidiary business for $31m (£19.2m).
Since the start of the year, Melrose has sold three of its subsidiary businesses.
Northamptonshire-based Logistex underwent a management buyout in February, and Distribution Madico, based in Canada, was sold on 31 January to a North American distributor.
Christopher Miller, chairman of Melrose, said: "We are pleased to announce the successful sale of these three smaller businesses. In each case we believe the businesses are better placed with their new owners to continue their development. We wish each of them every success for the future."
Richmond Park Partners advised Melrose on the sale.
