May 1 Engineering turnaround specialist Melrose
Industries Plc said it would sell its North American
hardware company for $200 million in cash to Tyman Plc.
AIM-listed Tyman said it would seek to move to the main
market along with the acquisition, which is expected to complete
by July. It added it would move its shares to the official list
at a later date if the acquisition was not completed.
Tyman, which supplies components for doors and windows, said
it would fund the acquisition through a sale of shares, a $100
million loan and cash on hand.
Owatonna, Minnesota-based Truth Hardware recorded sales of
$126.0 million in 2012. The manufacturer of hardware for door
and windows employs about 700 people in North America.
Melrose, which follows a private equity-type model of
investing in companies to improve their performance and then
sell them, said it would use the proceeds from the sale to repay