Melrose sells FKI Logistex for $40m

28th May 2009 08:25

Engineering conglomerate Melrose announced that it has sold FKI Logistex, the holding company of the Logistex North America business, to Intelligrated for $40m in cash.The sale is expected to complete in June 2009, Melrose said in a company statement.Melrose chairman Christopher Miller said, "The disposal of Logistex US is the next step in our post-acquisition process."In the six months to 31 December 2008, Logistex North America made an operating profit before exceptional costs of $1.6m and had net assets of $27.6m at 31 December 2008. The sale proceeds will be used to repay group debt.