Melrose completes acquisition of US firm Eclipse

3rd Nov 2014 08:41

Melrose Industries' Elster Gas business has completed the acquisition of US-based Eclipse after receiving anti-trust clearance.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".