Melrose completes acquisition of US firm Eclipse
Melrose Industries' Elster Gas business has completed the acquisition of US-based Eclipse after receiving anti-trust clearance.
Melrose Industries
631.60p
16:34 24/04/24
-0.66%
-4.20p
It paid a total of $158m for the firm, which manufactures gas combustion components and systems for industrial heating and drying applications.
In the year ended 31 March, it reported sales of $126m.
Melrose funded the acquisition from its existing debt facilities and made the transaction on a debt and cash free basis.
Melrose previously said it made the purchase because Eclipse's knowledge of low-temperature industrial gas combustion "complements Elster's expertise in high-temperature industrial gas combustion applications in Europe".