Melrose Acquires McKechnie
Melrose Acquires McKechnie
John Wolz
Aviation fastener manufacturer McKechnie Group plans to expand under new ownership.
London-based Melrose PLC acquired Alcester, England-based McKechnie from Cinven Ltd. for Euro 429 million (US$783 million).
Cinven partner Richard Munton told Plastics News that Cinven will hold a 16% stake in Melrose.
“This transaction fulfills our strategy of acquiring industrial manufacturing businesses and creating a group with good underlying assets and excellent growth prospects,” Melrose chair Christopher Miller said.
McKechnie is an aerospace and automotive plastic component manufacturer with operations in Europe, Asia and North America.
Cinven had acquired McKechnie in 2001 for Euro 649 million (US$ 935 million).
Melrose was formed in 2003 to buy underperforming industrial businesses. Miller said Melrose is seeking other acquisitions, especially in China and Eastern Europe. �2005 FastenerNews.com
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