June 3, 2013 / 6:27 AM / in 5 years

Melrose in talks to sell two units

June 3 (Reuters) - Engineering turnaround specialist Melrose Industries Plc said it was in early-stage talks to sell two of its industrial manufacturing businesses.

Melrose, which follows a private equity-type model of investing in companies to improve their performance and then sell them, said it appointed J.P. Morgan Cazenove to assist in the sale process.

“At this early stage there can be no certainty that this review will lead to a sale process being launched,” Melrose said in a statement.

The company said it is considering selling its Crosby and Acco units. Crosby designs and manufactures lifting fittings, blocks and sheaves to the oil and gas, construction and mining industries, while Acco manufactures material-handling equipment such as monorail cranes, hoists, lifters and crane components.

Melrose’s shares closed at 261.4 pence on the London Stock Exchange on Friday. They have risen about 17 percent since the start of the year.

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